Owner of the "Stars Wars," films George Lucas in a move has sold his greatest works to Disney to the tune of $4 billion this according to CNN.com.
Lucasfilm was reportedly bought for a sum of cash and shares making Lucas himself a significant share holder in Disney. Lucas receives $2 billion in cash and $40 million in shares.
This purchase of Lucasfilm has given Disney access to the "Star Wars," movie franchise as well as merchandising that yields massive profits. According to CNN, Disney will also gather Lucasfilm's special effects production business "Industrial Light and Magic," as well as "Skywalker Sound," audio production studio.
Lucas who has grossed plenty of cash in his time feels now is the time is right to see his franchise taken in a new direction.
"It's now time for me to pass Star Wars on to a new generation of filmmakers," George Lucas said in a written statement. "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," said Lucas.
This news coincides with the upcoming release of "Star Wars 7," which Disney has pegged for a 2015 release date. Mr. George Lucas will work as a creative consultant for the latest in the "Star Wars," series.
CNN has also reported that Kathleen Kennedy the current co-chairman of Lucasfilm will become president of Lucasfilm in an aim to keep some continuity with the organization.
Disney is labeling the capture of Lucasfilm on par with the company's capture of Marvel Entertainment in 2009.
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