Walt Disney Co. has acquired Lucasfilm for $4.05bn, and announced that a new Star War Film will be made for 2015.
The Star Wars franchise was started by filmmaker George Lucas in 1977. A phenomenal success at the box office, the series has spawned six live-action feature films to date, with the last being Revenge of the Sith in 2005.
Robert Iger, the President and CEO of Walt Disney, talked of his delight at acquiring the famous franchise.
"We're thrilled that George has entrusted the future of his extraordinary legacy to the Walt Disney Company, and recognize what an honour it is. We truly understand the responsibility that comes with being the caretakers of such iconic characters that are beloved by hundreds of millions all over the world."
George Lucas said he was confident he'd left Star Wars in the right hands.
"It was a perfect match of two companies that are constructed similarly, do the same kind of product, and I think it'll give me a chance to go off and explore my own interests and at the same time, feel completely confident that Disney will take good care of the franchise I've built."
Disney has been snapping up various fan favourites in recent years, buying 'Toy Story' creators Pixar Studios in 2006 for $7.4bn and comic book company Marvel Entertainment in 2009 for $4bn. Star Wars VII is set to be only the first instalment in a whole new series of Star Wars films, as the saga continues under the house of mouse.
Written and presented by Alfred Joyner