According to the Walt Disney Company, agreements have been made to purchase LucasFilm Ltd. in a stock and trade transaction that leaves George Lucas billions richer.
Lucas, who owns 100% of LucasFilm Ltd., has agreed to hand over the company, which includes LucasArts, Industrial Light & Magic, and Skywalker Sound, to Disney for $4.05 billion. This includes rights to films, games, rides, books and more.
Disney reports Star Wars Episode 7 is targeted for release in 2015, with more feature films expected to “continue the Star Wars saga and grow the franchise well into the future.”
The deal will have Disney paying approximately half of the consideration in cash and issuing approximately 40 million shares at closing.
In recent years, Disney has acquired several big name companies including Pixar and Marvel. The new Avengers feature film grossed over a billion dollars worldwide.
This news comes months after Lucas stated that he would be retiring from feature film making. Lucas offered this note surrounding the deal:
“For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next. It’s now time for me to pass Star Wars on to a new generation of filmmakers. I’ve always believed that Star Wars could live beyond me, and I thought it was important to set up the transition during my lifetime. I’m confident that with Lucasfilm under the leadership of Kathleen Kennedy, and having a new home within the Disney organization, Star Wars will certainly live on and flourish for many generations to come. Disney’s reach and experience give Lucasfilm the opportunity to blaze new trails in film, television, interactive media, theme parks, live entertainment, and consumer products.”
