The Walt Disney Company has purchased Lucasfilm Ltd in a transaction worth $4.05 billion on Tuesday, with half the sum paid in cash and the remainder with 40 million shares of stock. The breaking news includes the announcement of a Star Wars Episode 7 film to be released in 2015.
George Lucas, 100 percent owner of Lucasfilm and the Star Wars franchise, released a statement on the transaction saying:
“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.”
The deal now adds Lucasfilm to Disney’s repertoire of brands including Pixar, Marvel, ESPN and ABC.
Kathleen Kennedy, the current Co-Chairman of Lucasfilm, will become the new President of Lucasfilm to help expand the Star Wars brand cohesively with Disney’s other global franchises, reports Walk Disney Studios Chairman Alan Horn. She will also serve as executive producer for the upcoming Star Wars Episode 7 film targeted for release in 2015, with George Lucas acting as creative consultant.
The Star Wars saga is expected to continue to grow past Episode 7, growing the franchise for future generations to come.
