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Disney CEO Robert Iger, left, and "Star Wars" creator George Lucas, center, celebrate the opening of a theme park ride in 2011. Disney is paying $4 billion for Lucas' film studio Lucasfilm.
Updated at 7:15 p.m. ET: Walt Disney Co. is buying Lucasfilm in a $4 billion deal that brings the best-selling "Star Wars" franchise under the Disney umbrella, with plans to release Episode 7 of the long-running saga in 2015.
Disney has long had a close relationship with closely held Lucasfilm and founder George Lucas, including featured attractions at Disney theme parks such as Star Tours at Disney's Hollywood Studios in Florida.
"It's now time for me to pass 'Star Wars' on to a new generation of filmmakers," said Lucas, 68, in a statement.
Lucas will act as creative consultant on the new "Star Wars" film, with more feature films expected beyond Episode 7.
The six "Star Wars" feature films have earned a total of $4.4 billion at the box office alone and offer "a sustainable source of high quality, branded content with global appeal," according to the Disney news release.
Related: 'Star Wars 7' will need The Force to be with it
The deal is subject to federal antitrust approval.
In early 2006, Disney struck a deal to acquire "Toy Story" creator Pixar, and in the summer of 2009 it bought the comic book powerhouse Marvel Entertainment.
"Because Lucas is private, I would assume most investors would be surprised (by the deal). My point of view is that Disney already has a great portfolio and this adds one more," said Morningstar analyst Michael Corty. "They don't have any holes, but their past deals have been additive" to earnings.
Kathleen Kennedy, the current co-chairman of Lucasfilm, will become the division's president and report to Walt Disney Studios Chairman Alan Horn. She will serve as executive producer for the new movies. Directors for the new movies have not yet been announced.
Information from Reuters and the Associated Press was included in this report.
Ms.
Updated at 7:15 p.m. ET: Walt Disney Co. is buying Lucasfilm in a $4 billion deal that brings the best-selling "Star Wars" franchise under the Disney umbrella, with plans to release Episode 7 of the long-running saga in 2015.
Disney has long had a close relationship with closely held Lucasfilm and founder George Lucas, including featured attractions at Disney theme parks such as Star Tours at Disney's Hollywood Studios in Florida.
"It's now time for me to pass 'Star Wars' on to a new generation of filmmakers," said Lucas, 68, in a statement.
Lucas will act as creative consultant on the new "Star Wars" film, with more feature films expected beyond Episode 7.
The six "Star Wars" feature films have earned a total of $4.4 billion at the box office alone and offer "a sustainable source of high quality, branded content with global appeal," according to the Disney news release.
Related: 'Star Wars 7' will need The Force to be with it
The deal is subject to federal antitrust approval.
In early 2006, Disney struck a deal to acquire "Toy Story" creator Pixar, and in the summer of 2009 it bought the comic book powerhouse Marvel Entertainment.
"Because Lucas is private, I would assume most investors would be surprised (by the deal). My point of view is that Disney already has a great portfolio and this adds one more," said Morningstar analyst Michael Corty. "They don't have any holes, but their past deals have been additive" to earnings.
Kathleen Kennedy, the current co-chairman of Lucasfilm, will become the division's president and report to Walt Disney Studios Chairman Alan Horn. She will serve as executive producer for the new movies. Directors for the new movies have not yet been announced.
Information from Reuters and the Associated Press was included in this report.
Ms.