by Damon Martin


[Bob and Kemper Suicide in Droids You're Looking For]

For years, George Lucas has said that he wanted to pass along the Star Wars franchise to a new generation of fans, and with a $4 billion sale he's done just that.

Lucas, who was the 100-percent sole owner of Lucasfilm, sold the property to Disney on Tuesday for a reported $4 billion sale price. Half of the transaction will be paid to Lucas in cash, with the other half coming in the form of 40 million shares of stock.

The purchase of Lucasfilm will also ensure a new Star Wars movie currently titled "Episode 7" will make it into theaters in 2015.

Current Lucasfilm co-chairman Kathleen Kennedy will now become Lucasfilm President, reporting directly to Disney head Alan Horn. Kennedy will also oversee the Star Wars franchise, and along with George Lucas, will begin immediate development on Star Wars: Episode 7. This will be the first major Star Wars film in theaters since Star Wars: Episode III – Revenge of the Sith, which was released in 2005.

“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, Chairman and Chief Executive Officer of Lucasfilm via press release. “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. 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.”

Disney's purchase of Lucasfilm adds onto its already impressive list of companies already under the corporation's control. Over the last few years, Disney has purchased Marvel Comics and Pixar Films, and now Lucasfilm joins the family as well.

Disney executives announced on a conference call with media that following the release of Star Wars: Episode 7, they will continue with episodes 8 and 9, with plans in place to release a new Star Wars film "every 2 to 3 years" after that. Executives stated that Episode 8 will likely land in theaters in 2017, followed by Episode 9 in 2019.

The purchase also includes the entire Indiana Jones franchise, Industrial Light and Magic, and Skywalker Sound. Disney also announced that the Star Wars franchise will become an integral part of their theme parks world wide.

But fans are no doubt wondering, will this move introduce a new generation to a rebranded and reinvigorated version of Star Wars or will the franchise be watered down with new films that ruin the legacy of the original trilogy and the iconic status of the sci-fi legend?