The Walt Disney Company has announced that they have acquired LucasFilm and all of its subsidiaries, including Skywalker Sound and Industrial Light and Magic.

Also included in the purchase is LucasArts, who hold the reigns on Star Wars video games as well as the beloved Monkey Island franchise. Announced yesterday, the deal was made for $4.05 billion in cash and stocks and Disney intends on putting its new intellectual properties to work. The first project that has been announced is another Star Wars film, which has been tentatively dated for release in 2015. Episode 7 of the series will see creator George Lucas acting as a consultant on the venture.

In addition there will be “…more feature films expected to continue the Star Wars saga and grow the franchise well into the future.” Disney also said in the announcement that “We also expect to utilize Star Wars in other businesses including Parks & Resorts, in games and in our television business. These initiatives were also considered in our valuation.”

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.”

Source: Ars Technica