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December 15, 2015

Tex. Cinema Magnate's Foundation Bequest Tops $600 Million

The estate of the late Texas movie-theater mogul John L. Santikos has donated $605 million to the San Antonio Area Foundation, the San Antonio Express-News reports. The bequest, representing the bulk of Mr. Santikos's estate, more than triples the size of the foundation, which administers giving by some 500 charitable funds.

The donor, who died last December at age 87, was a native of Greece and the second-generation owner of Santikos Theatres, which encompasses nine movie houses, and pioneered innovations such as multiplexes and digital projection. The cinemas are among the cash, investments, and property left to the San Antonio foundation, which will manage giving by the John L. Santikos Charitable Foundation.

Mr. Santikos dictated that 10 percent of annual disbursements from his fund go to Doctors Without Borders USA and International Orthodox Christian Charities. The remainder is expected to benefit primarily nonprofits and causes in the San Antonio area.