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Disney Purchases Lucasfilm for $4bn; Promises Star Wars Episode 7 in 2015

UPDATE: According to the Walt Disney Co. investor call, the company is also expecting to release Episodes 8 and 9 of Star Wars following the new film. No timeline was given.

The Associated Press is reporting on a deal struck between The Walt Disney Co. and Lucasfilm Ltd that would see the entertainment giant purchase the production company for a colossal $4.05 billion dollars in cash and stock from founder George Lucas. Disney also promises a new Star Wars movie to be released in 2015.

The Walt Disney Co. announced the purchase which would bring the iconic film company under their umbrella with other brands such as Pixar, ESPN and ABC. Kathleen Kennedy, co-chairman of Lucasfilm, will serve as the company’s President and report to Walt Disney Studios Chairman Alan Horn. Lucas himself will serve as a creative consultant for the new Star Wars film, leaving the Directorial and writing chairs open for other filmmakers.

In a statement, Lucas said “It’s now time for me to pass ‘Star Wars’ on to a new generation of filmmakers.”