In an unexpected turn of events, Disney have negotiated a take-over of Lucasfilm, whose intellectual property will see the famed studio start development on Star Wars: Episode 7. The sale will cost Disney approximately $4.05 billion USD, half paid in cash, and the rest with 40 million shares in the company.

“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. “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,” he added. Kathleen Kennedy will be producing the new Star Wars film, with Lucas serving as “creative consultant”. The film will be released in 2015.