George Lucas - George Lucas Using Disney Deal To Benefit Education Programs01 November 2012
Filmmaker George Lucas is planning to help out educational programs by handing over a portion of the $4.05 billion he gained by selling his production company to Disney.
The movie mogul sold his firm to the media giant in the massive deal, although he will serve as creative consultant for Disney's planned Star Wars: Episode 7 in 2015.
It has now been revealed Lucas will put the bulk of the money he receives into a foundation which will focus on educational issues.
A spokesperson for the 68 year old tells The Hollywood Reporter, "George Lucas has expressed his intention, in the event the deal closes, to donate the majority of the proceeds to his philanthropic endeavours."
Lucas adds, "For 41 years, the majority of my time and money has been put into the company. As I start a new chapter in my life, it is gratifying that I have the opportunity to devote more time and resources to philanthropy."
It is not yet known which foundation will benefit from the proceeds. Lucas is currently the chairman of Edutopia, which is part of the George Lucas Educational Foundation.