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UPDATE: Disney Buys Lucasfilm, Will Release Star Wars Episode 7 in 2015

Holy hell what is going on in this galaxy?  Did I just drink some sour blue milk?  Disney just confirmed that they purchased Lucasfilm from George Lucas, and that they’ll produce Star Wars 7, 8, and 9 as part of the deal.  Beat, or Sweet?  I guess that depends on what side of the Star Wars fence you are on.  According to the report Lucasfilm’s Kathleen Kennedy will executive produce any Disney created Star Wars films, and Emperor Lucas will remain as a creative consultant.  In addition to this news Disney has said that they plan on releasing Star Wars Episode 7 sometime in 2015.

I’ll be honest with you.  This announcement is a lot to handle for a long time Star Wars fan like myself.  In some regard I’m kind of sad that George has given up control to his life’s work, but on the other end I’m semi-excited to see what another studio can do with the franchise after the many mishaps that took place in the Lucasfilm created prequel movies.  I still don’t truly believe that this sale has taken place, but in all reality it has.  The conference call to investors has already taken place, and the vote has been passed to approve the purchase of Lucasfilm by Disney.  George Lucas has even offered a quote on the sale saying:

“For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next,” said Lucas. “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.”

Like I said earlier this move could be a blessing to scorned Star Wars fans like myself, or it could signal the further downfall of this once proud franchise.  Considering how Disney has been handling their Marvel franchises I actually have hope in my heart that they’ll do justice to the series that made me a geek over 30 years ago.  For now I’m keeping an open mind about this news, and I’m hoping for the best.  It’s sad to see George let his baby go, but I guess when you’re sole owner of a $4 billion dollar operation, it’d be dumb not to sell it off to the next generation so you can sit back and count dollar bills until your time comes.

Here’s to Star Wars 7 and all of the rumors that will surround it until its 2015 release.  Let’s just hope they pickup after the events of Return of the Jedi, and don’t turn this new trilogy into another mess of CGI characters and dumbed down plots.  You’ve been thinking that the Star Wars movies were over…

Official Press Release 

Continuing its strategy of delivering exceptional creative content to audiences around the world, The Walt Disney Company has agreed to acquire Lucasfilm Ltd. in a stock and cash transaction. Lucasfilm is 100% owned by Lucasfilm Chairman and Founder, George Lucas.

Under the terms of the agreement and based on the closing price of Disney stock on October 26, 2012, the transaction value is $4.05 billion, with Disney paying approximately half of the consideration in cash and issuing approximately 40 million shares at closing. The final consideration will be subject to customary post-closing balance sheet adjustments.

“Lucasfilm reflects the extraordinary passion, vision, and storytelling of its founder, George Lucas,” said Robert A. Iger, Chairman and Chief Executive Officer of The Walt Disney Company. “This transaction combines a world-class portfolio of content including Star Wars, one of the greatest family entertainment franchises of all time, with Disney’s unique and unparalleled creativity across multiple platforms, businesses, and markets to generate sustained growth and drive significant long-term value.”

“For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next,” said George Lucas, Chairman and Chief Executive Officer of Lucasfilm. “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.”

Under the deal, Disney will acquire ownership of Lucasfilm, a leader in entertainment, innovation and technology, including its massively popular and “evergreen” Star Wars franchise and its operating businesses in live action film production, consumer products, animation, visual effects, and audio post production. Disney will also acquire the substantial portfolio of cutting-edge entertainment technologies that have kept audiences enthralled for many years. Lucasfilm, headquartered in San Francisco, operates under the names Lucasfilm Ltd., LucasArts, Industrial Light & Magic, and Skywalker Sound, and the present intent is for Lucasfilm employees to remain in their current locations.

Kathleen Kennedy, current Co-Chairman of Lucasfilm, will become President of Lucasfilm, reporting to Walt Disney Studios Chairman Alan Horn. Additionally she will serve as the brand manager for Star Wars, working directly with Disney’s global lines of business to build, further integrate, and maximize the value of this global franchise. Ms. Kennedy will serve as executive producer on new Star Wars feature films, with George Lucas serving as creative consultant. Star Wars Episode 7 is targeted for release in 2015, with more feature films expected to continue the Star Wars saga and grow the franchise well into the future.

The acquisition combines two highly compatible family entertainment brands, and strengthens the long-standing beneficial relationship between them that already includes successful integration of Star Wars content into Disney theme parks in Anaheim, Orlando, Paris and Tokyo.

Driven by a tremendously talented creative team, Lucasfilm’s legendary Star Wars franchise has flourished for more than 35 years, and offers a virtually limitless universe of characters and stories to drive continued feature film releases and franchise growth over the long term. Star Wars resonates with consumers around the world and creates extensive opportunities for Disney to deliver the content across its diverse portfolio of businesses including movies, television, consumer products, games and theme parks. Star Wars feature films have earned a total of $4.4 billion in global box to date, and continued global demand has made Star Wars one of the world’s top product brands, and Lucasfilm a leading product licensor in the United States in 2011. The franchise provides a sustainable source of high quality, branded content with global appeal and is well suited for new business models including digital platforms, putting the acquisition in strong alignment with Disney’s strategic priorities for continued long-term growth.

The Lucasfilm acquisition follows Disney’s very successful acquisitions of Pixar and Marvel, which demonstrated the company’s unique ability to fully develop and expand the financial potential of high quality creative content with compelling characters and storytelling through the application of innovative technology and multiplatform distribution on a truly global basis to create maximum value. Adding Lucasfilm to Disney’s portfolio of world class brands significantly enhances the company’s ability to serve consumers with a broad variety of the world’s highest-quality content and to create additional long-term value for our shareholders.

The Boards of Directors of Disney and Lucasfilm have approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, and other customary closing conditions. The agreement has been approved by the sole shareholder of Lucasfilm.

The Future of Star Wars Movies

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Matt Heywood

The author Matt Heywood

Matt Heywood is the founder and EIC of EntertainmentBuddha.com where he strives to make you a better geek, one post at a time! When he’s not scouring the Internet for interesting nuggets of awesomeness he can be found in his secret lair enjoying the latest and greatest video games, taking pictures of toys, or talking Star Wars on EB’s Star Wars Time podcast show.