The Walt Disney Company announced Tuesday it is acquiring Lucasfilm LTD and will produce a seventh Star Wars film, targeted to come out in 2015.

The sale is valued at just over $4 billion in cash and stocks, according to a Disney press release.

For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next, said Star Wars creator George Lucas, Chairman and Chief Executive Officer of Lucasfilm. 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.

Disney is not only acquiring the rights to Lucas trademark franchise, it s also getting much of the cutting-edge filmmaking technology developed by Lucasfilm.

Star Wars: Episode VII is targeted for release in 2015, with Lucas serving as a creative consultant. More feature films are expected to continue the saga.

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