Just four months after announcing the sale of Lucasfilm production company to Disney in a $4 billion deal, George Lucas, the screenwriter and director best known for the Star Wars series, has made a move toward cashing out — big time.
In a regulatory document filed today with the Securities and Exchange Commission, Disney disclosed that George Lucas’ personal trust has registered for the ability to sell his two percent stake in the entertainment conglomerate, which could net him a total of $1.99 billion. The Lucasfilm sale made George Lucas the second largest single shareholder in the Walt Disney Co.; the first is the estate of the late Steve Jobs.
Per the document, Lucas now has the go-ahead to sell a total of 37,076,679 shares of Walt Disney Company common stock at a proposed price of $53.77 per share. The registration covers all of the stock that Lucas received as part of the Lucasfilm acquisition — after the registered stock is sold off, the document says, he will no longer own any portion of Disney stock.
It’s important to note that the prospectus indicates Lucas’ intent to sell this stock “from time to time.” That means that the sale will not necessarily happen all at once, or right away. The Lucasfilm sale closed on December 21st, 2012.
Back in October when the deal was first announced, George Lucas said in an interview that he believes Disney will give his films “a longer life.” Selling his total financial stake could be an even bigger indication of the trust he has in Disney with the Star Wars legacy.
Here is a video interview of George Lucas from October, when the Lucasfilm sale was first announced: