…And then the internet exploded! Or atleast that was what it felt like when a couple of hours ago the Walt Disney Company announced their plans to acquire LucasFilm LTD from the founder, chairman and sole owner, George Lucas. A cash and stock purchase that equals to 4.05 billion dollars, a deal that both boards have agreed to.

“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,” said Chief Executive Robert A. Iger.

Current Co-Chairman Kathleen Kennedy will become the new President, as well as the brand manager for all things Star Wars. In fact, her first order of business was to announce that Star Wars will be returning to the big screen. Not in the usual way either. Star Wars Episode VII (yes you read that correct) has been announced for a 2015 release. No word yet whether the story will be original, or will pull from the massive amount of source material in the Expanded Universe. George Lucas was quoted as saying “It’s now time for me to pass `Star Wars’ on to a new generation of filmmakers.”

So what exactly does this mean for the rest of this company’s dynasty, and how it relates to Disney? I assume, as it has been traditionally in the past with all of the Disney subsidiaries, that everything will remain pretty much the same. Lucasfilm already has had a presence at Disney resorts for over 2 decades now, from Star Wars to Indiana Jones. I think the biggest things we will see from this are future film projects for Star Wars, as well as the assumption that Star Wars comics could be returning to the Marvel banner once their contracts run out with current publisher, Dark Horse Comics. Dark Horse President Mike Richardson had this to say “Dark Horse and LucasFilm have a strong partnership which spans over 20 years, and has produced multiple characters and story lines which are now part of the Star Wars lore. Star Wars’ will be with us for the near future. Obviously, this deal changes the landscape, so we’ll all have to see what it means for the future.”

The move is a smart one on Disney’s part, not only are they acquiring all of the rights to THE merchandising juggernaut that is Star Wars, but they now will own all of LucasFilm’s technologies, meaning Skywalker Sound and Industrial Light and Magic. These 2 subsidiaries of LucasFilm are the preeminent sound and effects houses in the film industry and have already worked with Disney on Iron Man 1 & 2, as well as Avengers. Now Disney will have this company in house, and available for all film projects, which is a major move, and will significantly reduce the cost on future film projects. An interesting side note bit of trivia, Disney’s Pixar Animation Studio originally started in 1979 as a subsidiary of LucasFilm, as a part of their computer division, before being sold to Steve Jobs and Apple in 1986.

As my bio suggests I am obsessed with Star Wars, which far and away is my first true geek love. So, how I feel about this personally? I honestly don’t know. It’s been about an hour now, and its all calming down and settling. My first reaction was complete shock.  LucasFilm seemed like something that would remain with the Lucas family forever. Almost like a holdout of the old studio system. This is funny because it started out as the anti-studio answer to studios. George’s vision was a one stop shop for film and TV production, with everything being done in house. He had talked about his children’s future roles in the company after he would retire and so on and so forth. So yeah, to hear he sold EVERYTHING was very surprising. On the other hand, I am a HUGE Disney geek as well, and understand what goes on when Disney acquires a property, and I knew there was no reason to freak out. However, it was Kathleen Kennedy’s announcement regarding Episode VII that threw me for a loop, and started to make me worry. Even as a die hard, I don’t really want new movies. There is too much of an unknown variable there. Will they come up with a fresh and original idea? Or will they try and adapt something from the copious amounts of source material that exists within the expanded universe. Either idea proposes an issue for me. For one, something new and fresh has the potential to affect the landscape Expanded Universe continuity, which has already “taken a hit” due to Dave Filoni’s idea to retconn the Mandalorian’s for the Clone Wars animated series on the Cartoon Network. This also seems like the most likely idea since the chance of any of the original cast reprising their roles even in so much as a cameo appearance is INCREDIBLY unlikely. Which is where my issue would lie in regards to adapting source material. All we can do for now is wait and see.