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George Lucas sells Lucasfilm to Walt Disney, Star Wars 7 on the way

Posted: 31 Oct 2012 02:45 AM PDT

More development with the mega franchise "Star Wars" as George Lucas accepted the deal of selling Lucasfilm Ltd. to Walt Disney Company.

The deal is reportedly $4.05 billion and the next installment (Episode VII) is slated for 2015 release.

The 68-year-old visionary, who will also serve as a creative consultant, announced his decision:

"For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next. It's now time for me to pass Star Wars on to a new generation of filmmakers. 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. 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. Disney's reach and experience give Lucasfilm the opportunity to blaze new trails in film, television, interactive media, theme parks, live entertainment, and consumer products."