Ovation: George Lucas Gives Away Billions.

Ovation: George Lucas Gives Away Billions.

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Ovation: George Lucas Gives Away Billions.

Ovation: George Lucas Gives Away Billions.

When Star Wars was released in 1977, it was a global phenomenon.  The movie displayed special effects and sounds that the movie going public had never seen or experienced.  People waited in lines that had never been seen by theaters before.  George Lucas became the king of Hollywood and went on to produce many more films in the still popular series.

Lucas became a very rich man.

This week he became even richer when he sold his companies including LucasFilm, LucasArts and Industrial Light and Magic to the Walt Disney Corporation for $4.05 billion.  The deal should be finalized by the end of the year and, since Lucas owns 100 percent of the company, all the money goes to him.  But, being a notorious philanthropist rumor has it that he plans to quickly put the bulk of the proceeds into a foundation which will focus primarily on education issues.

It’s not clear if the money will go to the George Lucas Education Foundation, where Lucas is the chairman of its Edutopia subsidiary, or if a new foundation will be created and funded by the sale.

“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.” – George Lucas, October 2012

This week’s announcement continues a commitment that Lucas made in 2010 to The Giving Pledge where he stated, ...

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  Article Info
Created: Nov 2 2012 at 10:10:39 AM
Updated: Nov 2 2012 at 10:10:39 AM
Category: Entertainment
Language: English

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