Cue internet explosion. In a “holy shit” piece of news, Disney has purchased George Lucas’ Lucasfilm for $4.05 billion, and has earmarked a 2015 release date for Star Wars: Episode VII. Yes, you read that right. Not only will Disney be in command of the Star Wars empire, but a seventh entry in one of the most popular franchise of all time is in the works and set for release the same year as The Avengers 2 and Justice League.

I’m still in a fair amount of shock here, but with this move Disney has solidified its plans to take over the world as the company now houses Pixar, Marvel, and Lucasfilm. The new was announced by both companies, so this is no hoax. Hit the jump for more. [Update: We’ve updated the article with more information on the acquisition and the future of the franchise.]

Click here to watch a video in which Lucas and Kathleen Kennedy talk about why they made the deal with Disney and the future of the franchise going forward.

Click here to read our editorial regarding who should direct the new Star Wars films.

Click here to watch Lucas and Disney CEO Bob Iger discuss the acquisition.

The announcement was made by Disney, whose release includes the following statement from George Lucas:

“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, in a statement. “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.”

We recently learned that Kathleen Kennedy, longtime producing partner of Steven Spileberg, had been chosen as the new co-chair of Lucasfilm. She will now become the studio’s president under the new deal, answering directly to Disney chair Alan Horn.

As for that new Star Wars film, Lucas will remain onboard as a “creative consultant” while Kathleen Kennedy wil serve as executive producer on Star Wars Episode 7 and future Star Wars movies. The release of Episode 7 in 2015 will kick off a new trilogy that Lucasfilm already has mapped out.

For all intents and purposes, though, this is a clear sign that Lucas is letting go of the beloved franchise. He stated earlier this year that he was looking to move away from Lucasfilm in order to make “experimental movies” in his garage, so this move isn’t exactly a shock. Disney has had a strong relationship with the company since Star Tours opened in Disneyland years ago, and the studio’s relationship with Spielberg/Kennedy likely gave Lucas reassurance that his franchise would be in good hands.

We all knew that further Star Wars films would be made someday, be it with a reboot, remake, or proper sequel. Disney has handled Marvel quite well, so hopefully they can do the same with the Star Wars series. A few entanglements will still have to be worked out, as 20th Century Fox is still set to distribute the 3D re-releases of Lucas’ Star Wars films over the next few years. The television series Star Wars: The Clone Wars is also owned by a Disney competitor, Turner Broadcasting, so it remains to be seen how these extensions of the franchise will be sorted out.

Update: A conference call with shareholders just ended, in which a few more details of the deal were revealed: