Robert Iger, chairman of the Walt Disney Company, said the deal would "generate sustained growth and drive significant long-term value."
– Robert A. Iger, Chairman, The Walt Disney Company
Lucasfilm reflects the extraordinary passion, vision, and storytelling of its founder, George Lucas.
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.
LucasFilm Chairman George Lucas said the deal was aimed at ensuring that Star Wars would "flourish for many generations to come."
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.
– George Lucas, Chairman and Chief Executive Officer of Lucasfilm
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.
George Lucas, a Hollywood icon known for exercising control over the most minute details of the fictional universe he created, will remain as a creative consultant on LucasFilm productions.
Disney will release a Star Wars Episode Seven in 2015, the company said.
Disney will pay about half in cash and issue about 40 million shares at closing for the acquisition of the film studio known for the iconic "Star Wars" movies, Reuters reported.
Disney is to buy LucasFilm in a deal worth more than $4 billion (£2.5 billion), the company said.
A Disney statement confirmed that the takeover would also mean that the entire Star Wars franchise will now be owned by the company founded by Walt Disney in 1923.