Luke has a new Father: Disney buys out Lucasfilm for $4 Billion

As a longtime Star Wars fan, this news to me was bigger than the invention of the wheel. Announced by Disney on October 30, 2012 The creator of the Star Wars universe and CEO/Executive Producer of Lucasfilm George Lucas has sold off the Star Wars universe and licensing to the Walt Disney Corporation.

In 2009 Disney purchased the Marvel universe for $3.96 billion allowing them to reap the benefits of anything ironman, Thor, Captain America, Avenger, and so on. Now Disney has purchased lucasfilm for $4.05 billion, and worth every penny. The purchase includes all that is under Lucasfilm including, the technologies that ILM and Skywalker sound has engineered over the years. 

Lucas stated he thought it was time for him to step down and try other things like philanthropy and some projects on his mind that are not Star Wars related.

The passing of the torch to Disney was a move to maintain and immortalize the Star Wars Universe in order to continuously deliver the Jedi fantasy to past- present- and future fans.

Disney will do a fine job keeping Marvel and Star Wars alive for fans to come, due to the example they have demonstrated for themselves. The Disney Brothers studio started in 1923 and well after Walt’s death, Disney has continued to prosper and dominate the entertainment industry. One of the big 5 media conglomerates, with a revenue of over $40 billion a year and a net income of over $4 billion a year “here you go Lucas, let me sacrifice a years profit for a massive future gain”(laughs his way to the bank).

What does this all mean; a lot of big changes, Kathleen Kennedy the current co-chair of Lucasfilm will now become the President of Lucasfilm reporting to the Chairman of The Walt Disney company Alan Horn. 

The Saga’s animation “Clone Wars” will probably now be aired on the Disney channel instead of Cartoon network, taking away from Turner Networks revenue, next Disneyland and Disney World will incorporate even more elaborate Star Wars themed rides and attractions. Also the merchandising will grow even more out of control than it is now. I can’t complain though, “I love my light saber chopsticks”.

But for even bigger news, Disney has announced that they will also expand on the Star Wars Saga and produce Episode VII, to be released 2015. When Disney acquired Marvel they kept the key elements concurrent but changed the stories a little to suit their audience and their own ideas. Disney will most likely keep most of the Lucasfilm elements the same, but for Episode seven give it more of a bounce hopefully not enrage any long time loyalist.