Wow this is a big business buyout. Walt Disney has struck a deal to buy Lucasfilm from George Lucas, the man who brought us great movies (Star Wars, Indiana Jones) and some shit ones (Newest Indiana Jones). The deal is for $4.05 billion in cash and stock and Lucas gets paid half in cash and half in the form of about 40 million Disney shares.

“Lucasfilm reflects the extraordinary passion, vision, and storytelling of its founder, George Lucas,” Disney CEO Robert Iger 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.”

Lucas said :“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,” Lucas said. “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.”

The deal will also have LucasArts, Industrial Light & Magic and Skywalker Sound. Also the current Lucasfilm employees will get to keep their current positions.