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May the Force Be With You: Disney Acquiring Lucasfilm, Including 'Star Wars' Franchise, for $4 Billion; Read Entire Press Release TVWeek

"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."

So reads a press release issued by Disney today, Oct. 30, 2012. To read the entire release, please click here.

“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," said Bob Iger, Disney chairman and CEO, in the release.

Episode seven of the "Star Wars" movie franchise is due in 2015.

The release states, "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."

According to the release George Lucas said, "“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.”

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Bob Iger (left) and George Lucas