DISNEY is paying $4.05 billion to buy Lucasfilm Ltd., the production company behind "Star Wars," from its chairman and founder, George Lucas. It's also making a seventh movie in the "Star Wars" series.

The Walt Disney Co. announced the agreement to make the purchase in cash and stock Tuesday. Disney added that Star Wars Episode 7 is scheduled for release in 2015.

The deal brings Lucasfilm under the Disney banner with other brands including Pixar, Marvel, ESPN and ABC.

Kathleen Kennedy, the current co-chairman of Lucasfilm, will become its president and report to Walt Disney Studios Chairman Alan Horn. Lucas will be creative consultant on new Star Wars films.

"It's now time for me to pass Star Wars on to a new generation of filmmakers," Lucas said in a joint statement with Disney.

"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 ... 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."

Walt Disney Company chairman Robert A. Iger said the deal combine two family focused entertainment companies.

"Lucasfilm reflects the extraordinary passion, vision, and storytelling of its founder, George Lucas," he said.

"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."