Like some folks I know, like this contributor, George Lucas has reached the age when the pressure of work just isn't satisfying or desireable. Today's tight budgets and studio release timelines just aren't a motivator since George is financially secure. So for today's generation George is:
It was also announced that Star Wars: Episode 7 would be targeted for release in 2015. That will be followed by Episodes 8 and 9.
"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."
The $4.05 billion valuation is based on the terms of the agreement, and the closing price of Disney stock on Friday, with Disney paying approximately half of the consideration in cash and issuing approximately 40 million shares at closing.
"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."