News is starting to break that a blockbuster deal has taken place with Disney purchasing Lucasfilm. It seems George Lucas was ready to retire. Lucasfilm was entirely owned by Lucas. In the deal worth US$4.05 Billion, half was in cash, while the other half was in the form of about 40 million shares.

The first I heard about it was here.

Further articles revealed that Star Wars Episode 7 is coming with a target release year of 2015. Lucas will serve as a creative consultant for the film, while current co-chair of Lucasfilm, Kathleen Kennedy will serve as executive producer in addition to her new role as President of Lucasfilm and brand manager of Star Wars.

This is a developing story. We will have more as we hear it.