How George Lucas made $4 billion yesterday
By Catholic Online (NEWS CONSORTIUM)
10/31/2012 (5 years ago)
Catholic Online (www.catholic.org)
George Lucas had a good day yesterday, earning $4 billion on a deal that converts the "Star Wars" franchise into a Disney operation. The deal will also bring a "Star Wars, Episode 7" to the big screen in 2015.
George Lucas has about 4 billion reasons to be happy.
LOS ANGELES, CA (Catholic Online) - George Lucas, 68, said in a statement, "It's now time for me to pass 'Star Wars' on to a new generation of filmmakers."
The legendary filmmaker has transferred the Star Wars franchise and Lucasfilms, his production studio, to Disney. The deal nets Lucas stock and cash valued just over $4 billion.
Disney CEO Robert Iger issued his own statement saying, "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."
Lucas won't be abandoning his franchise however. Lucas is expected to stay on board as a project consultant.
As for the deal itself, it does require federal antitrust approval. Disney has bought out several smaller, popular media franchises such as Pixar and Marvel Entertainment.
Disney believes the "Star Wars, Episode 7" will bolster its 2015 earnings. Certainly, the addition of Lucasfilms and "Star Wars" improves the Disney portfolio.
In addition to acquiring Star Wars, the acquisition of Lucasfilms also brings Industrial Light & Magic, Skywalker Sound, and the Indiana Jones franchise to Disney.
As for George Lucas, he isn't speaking much about the private deal, but it is understandable that he should want to retire comfortably on the profits of his entertainment empire. With $4 billion to spend and annual revenues to boot, he should accomplish this task easily.
Without a doubt, the force is with Lucas as he closes his multi-billion dollar deal with Disney.
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