George Lucas has sold Lucasfilm, home of 'Star Wars', to Disney for $4.05 billion (£2.5 billion). They are planning a trilogy of new films set in the iconic universe.
No, it's not April Fools' Day.
The studio will release 'Star Wars: Episode 7' in 2015, with further instalments to follow 'every two to three years' after parts '8' and '9'.
George Lucas will remain a creative consultant on the new films.
In a statement, he said: "For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next.
"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."
Bob Iger, Chairman and CEO of Disney, said: "Lucasfilm reflects the extraordinary passion, vision, and storytelling of its founder, George Lucas."
"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."
Kathleen Kennedy, current Co-Chairman of Lucasfilm, will become President of Lucasfilm, reporting to Walt Disney Studios Chairman Alan Horn.
The studio said there has been a "substantial pent up demand” for ‘Star Wars’ since the release of ‘Star Wars: Episode III – Revenge of the Sith’ back in 2005.
‘Sith’ made £527 million at the box office.
The Lucasfilm deal follows Disney’s purchase of Pixar, for $7.4 Billion and Marvel for $4.2 billion.