AP –
Disney is paying $4.05 billion to buy Lucasfilm Ltd., the production company behind “Star Wars,” from its chairman and founder, George Lucas. It’s also making a seventh movie in the “Star Wars” series.

LOS ANGELES — Disney is paying $4.05 billion to buy Lucasfilm Ltd., the production company behind “Star Wars,” from its chairman and founder, George Lucas. It’s also making a seventh movie in the “Star Wars” series.

The Walt Disney Co. announced the agreement to make the purchase in cash and stock Tuesday. Disney added that “Star Wars Episode 7” is scheduled for release in 2015.

Storm complicates area home sales

For people scheduled to buy or sell a house this week, hurricane amps up anxiety levels to new heights.

U.S. home prices rise nationwide

Many of the markets hit hardest during the crisis are starting to show sustained gains.

In Washington he's a wonk rock star, but he's Comcast's secret weapon

David Cohen, the cable giant’s chief lobbyist and a veteran of Philadelphia politics, is critical to its dominance.

The deal brings Lucasfilm under the Disney banner with other brands including Pixar, Marvel, ESPN and ABC.

Kathleen Kennedy, the current co-chairman of Lucasfilm, will become its president and report to Walt Disney Studios Chairman Alan Horn. Lucas will be creative consultant on new “Star Wars” films.

Lucas said in a statement, “It’s now time for me to pass ‘Star Wars’ on to a new generation of filmmakers.”

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.