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Disney buying Lucasfilm for $4.05 billion

By The Associated Press

This article was published October 30, 2012 at 3:13 p.m.

director-george-lucas-left-and-actor-cuba-gooding-jr-arrive-for-the-screening-of-cosmopolis-at-the-65th-international-film-festival-in-cannes-southern-france-friday-may-25-2012-on-tuesday-disney-announced-that-it-purchased-lucasfilm-for-405-billion-ap-photojoel-ryan

Director George Lucas, left, and actor Cuba Gooding Jr arrive for the screening of Cosmopolis at the 65th international film festival, in Cannes, southern France, Friday, May 25, 2012. On Tuesday, Disney announced that it purchased LucasFilm for $4.05 billion. (AP Photo/Joel Ryan)

— Disney is paying $4.05 billion to buy Lucasfilm Ltd., the production company behind “Star Wars,” from its chairman and founder, George Lucas. It’s also making a seventh movie in the “Star Wars” series.

The Walt Disney Co. announced the agreement to make the purchase in cash and stock Tuesday. Disney added that “Star Wars Episode 7” is scheduled for release in 2015.

The deal brings Lucasfilm under the Disney banner with other brands including Pixar, Marvel, ESPN and ABC.

Kathleen Kennedy, the current co-chairman of Lucasfilm, will become its president and report to Walt Disney Studios Chairman Alan Horn. Lucas will be creative consultant on new “Star Wars” films.

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

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