George Lucas poses for press release photos. Image Credit
In a shocking merger announced on Tuesday, The Walt Disney Co. purchased Lucasfilm.
Lucasfilm, which has produced the wildly successful Star Wars franchise, sold the company to Disney for $4.05 billion in cash and stock shares. Disney will take control of all of Lucasfilms’ operating businesses including: “Industrial Light and Magic” and “Skywalker Sound”.
Creator and Director George Lucas spoke about the merger in a press release.
“It’s now time for me to pass Star Wars on to a new generation of filmmakers,” Lucas said. “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.”
Lucas has handed over leadership of the company to Co-Chairman Kathleen Kennedy who will become President of Lucasfilm as well as the brand manager for Star Wars.
Kennedy will serve as Executive Producer for the production of Star Wars Episode VII, which Disney hopes to release by 2015. More films are set to follow which will expand the Star Wars franchise for generations to come.
Fans of the original franchise can take solace in the fact that Lucas will serve as Creative Consultant for the seventh installment of the series. Beyond that, it is uncertain what role Lucas will play in the production of future films.
In a video press release, Lucas stated that both he and Kennedy are working on treatments for Episodes: VII, VIII, and IX of the Star Wars saga. Lucas has ended the story arc at Episode IX.
Disney has a history of acquiring a successful franchise and making it even more profitable. It’s past acquisitions include Pixar and Marvel, both of which still continue to thrive. According to a study done by RottenTomatoes.com, movies featuring Marvel characters have seen a rise in audience ratings from 61 percent to 76 percent after Disney had purchased the company.
Robert Iger, Chairman and Chief Executive Officer of The Walt Disney Co., said Star Wars fans should expect much more to come.
“There will be more feature films as well as consumer products, television projects, games, and theme park attractions,” said Iger in a video press release.
News of this merger is likely to produce mixed emotions from the Star Wars fan base.
The original three Star Wars films, which consisted of Episodes IV through VI were first released in 1977. These first three are often deemed superior to episodes I through III which were released from 1999 to 2005. Since then there has been an ongoing debate in the Star Wars community concerning which trilogy is better.
After this merger there is likely to be an even deeper division among fans. Viewers have been under the impression that the saga was over after the release of “Episode III: Revenge of the