Disney buys LucasFilm for $4.05 billion, announces new Star Wars movie

Disney says they will release Star Wars Episode 7 by 2015, and new titles will be released "every other year".

LOS ANGELES: It was a busy Tuesday at Disney who acquired LucasFilm Ltd. for $4.05 billion annd  announced that it will produce Star Wars: Episode VII, slated for 2015 release date, reported by IGN.com.

According to a press release, Walt Disney has agreed to acquire Lucasfilm Ltd. in a stock and cash transaction. Disney will pay approximately half of the consideration in cash.

Under the deal Disney will acquire LucasFilms including its Star Wars franchise. Disney will also acquire the substantial portfolio of cutting-edge entertainment technologies that have kept audiences enthralled for many years.

Kathleen Kennedy, who currently serves as co-chairman of LucasFilm will become its president and will be reporting to Alan Horn, head of Walt Disney Studios. Kennedy will also act as the brand manager for the Star Wars projects.

As for Lucas, he will be retained in a consultative role on the Star Wars project.

Star Wars Episode 7  is targeted to be released by 2015, along with Avengers 2 & Justice League of America. In a subsequent investors call, Disney announced that the 2015 Star Wars movie will only be the start and that they will come out with a new film "every other year".

Disney though also placated fears of the highly talented engineers and designers who work under various LucasFilms companies. They have all been asked to stay in their current roles.