Star Wars franchise fans are in for a treat as Disney has agreed to buy Lucasfilm for $4bn (£2.4bn), and plans to release at least three more films in the Star Wars sci-fi franchise.

Disney also announced that it will be producing the Star Wars Episode 7, slated to release in 2015. Disney promised to release a new movie every two to three years, with the Star Wars Episode 7, being the first in the new series.

George Lucas had indicated previously that no new Star Wars movie would be made after the Revenge Of The Sith in 2005. The deal entails that George Lucas will be the creative consultant on the new films as it was Lucas who created the Star Wars fictional universe, keeping the cash registers ringing at the box office for many years.

Disney will pay about half the purchase price in cash and issue about 40 million shares to complete the deal. Lucas will become the second-largest individual holder of Disney shares, with a 2.2% stake.

After the announcement of the deal, George Lucas said, ”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.”

The deal is the third multibillion-dollar acquisition completed by Bob Iger in his time as Disney chief executive, having steered the $7.4bn (£4.5bn) purchase of Pixar in 2006 and the $4bn (£2.4bn) purchase of Marvel in 2009.

Related:
London Film Festival opens with Tim Burton’s animation drama, Frankenweenie
James Bond franchise turns 50!