Disney buys Lucasfilm
If Mickey Mouse comes anywhere near me...kill him I will
Veteran film maker George Lucas has agreed to sell his company Lucasfilms – the company behind the entire Star Wars franchise – to Walt Disney, who will be making a seventh film in the series, to be released in 2015.
Lucasfilm, which is entirely owned by Lucas, will be added to Disney’s ever-increasing portfolio of brands, which now includes ESPN, Pixar and Marvel, among others. “Lucasfilm reflects the extraordinary passion, vision, and storytelling of its founder, George Lucas,” Robert Iger, Disney’s Chairman and Chief Executive 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.”
Mr Lucas commented that he felt as though he was passing on the Star Wars torch (lightsaber?) to a new generation of filmmakers at Disney. “For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next,” he is quoted as saying. “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.” Mr Lucas, who now intends to retire, believes that the deal means the franchise (which has produced nothing new since the slightly disappointing Star Wars: The Clone Wars in 2008) could continue and develop well: “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,” he adds. Kathleen Kennedy, the current Co-Chairman of Lucasfilm, will become President of the company when it becomes part of Disney after the takeover, and as such will be reporting to the Walt Disney Studios Chairman, Alan Horn. The deal also includes the much smaller Industrial Light & Magic, the pioneering special effects group that has been at the forefront of film-making since its work on Star Wars in the 1970s.
The Star Wars films in the long-running franchise and their subsequent re-releases have created nearly $5bn in global ticket sales, according to data analysed by Bloomberg. Mr Iger said Disney intended to keep the operation, as well as LucasArts, which produces computer games such as Lego Star Wars, Star Wars: The Force Unleashed and Star Wars Battlefront. Shares in The Walt Disney Company closed on Friday at $50.08, valuing the entertainment group at $89.9bn.
