George Lucas is set to sell his production company LucasFilm to Disney for $4.05 Billion, half of which will be paid in cash, the other half in about 40 million shares of Disney.
The acquisition by extension also means Disney will own LucasArts, Industrial Light & Magic, and Skywalker Sound.Lucas said in a statement that it is “now time for me to pass Star Wars on to a new generation of filmmakers.”
Kathleen Kennedy who acted as the co-chairman of LucasFilm will take over as President of LucasFilm, George Lucas will be a creative consultant on future film productions including the announcement of Star Wars Episode 7, slated for 2015.
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