Movies

Disney acquires Lucasfilm Company

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MUMBAI: The Walt Disney Company has announced an outlay of $4.05 billion for the purchase of the Lucasfilm Company, founded by director George Lucas and the creator of franchises like Star Wars and Indiana Jones.

Disney struck an agreement with Lucas, owner of 100 per cent of Lucasfilm, for the purchase of the company to be paid half in cash and the remainder with approximately 40 million Disney shares.

"It‘s now time for me to pass Star Wars on to a new generation of filmmakers," the 68-year-old Lucas has been reported to have said. "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," he added.

Kathleen Kennedy, until now co-president of Lucasfilm, will function as the president of the firm within the Disney group.

"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," Lucas hoped.

Disney President and CEO Robert A. Iger confirmed that the studio plans a new Star Wars trilogy that will begin in 2015 with Star Wars: Episode 7 and will continue with Episode 8 and Episode 9 as well.

The revered production house also revealed that it plans to create a new chapter in the famous galactic saga, Star Wars: Episode 7 that would release in 2015.

With the acquisition of Lucasfilm, Disney has added entities like television sports channel ESPN, ABC, the Pixar animation studio and Marvel Comics and other companies in its group.

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