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The Force is with Disney. The Mouse House has acquired Star Wars creator George Lucas' company Lucasfilm Ltd. for $4.05 billion in cash and stock, in turn announcing that new Star Wars movies will be released. Read on for details…

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The first new Star Wars movie -- Star Wars: Episode 7 -- will be released in 2015 with Lucas serving as creative consultant. Kathleen Kennedy, who is the current co-chair of Lucasfilm, will become Lucasfilm's president and serve as executive producer on new Star Wars feature films.

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In a statement, Lucas says, "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. I'm confident that with Lucasfilm under the leadership of Kathleen Kennedy, and having a new home within the Disney organization, Star Wars will certainly live on and flourish for many generations to come. Disney's reach and experience give Lucasfilm the opportunity to blaze new trails in film, television, interactive media, theme parks, live entertainment, and consumer products."

Related: Disney buying 'Star Wars' maker Lucasfilm for $4.05B