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LOS ANGELES (AP) -- Disney is paying $4.05 billion to buy Lucasfilm Ltd., the production company behind Star Wars, from its chairman and founder, George Lucas. It's also making a seventh movie in the Star Wars series.

The Walt Disney Co. announced the agreement to make the purchase in cash and stock Tuesday. Disney added that Star Wars Episode 7 is scheduled for release in 2015.

The deal brings Lucasfilm under the Disney banner with other brands including Pixar, Marvel, ESPN and ABC.

Kathleen Kennedy, the current co-chairman of Lucasfilm, will become its president and report to Walt Disney Studios Chairman Alan Horn. Lucas will be creative consultant on new Star Wars films.

Lucas said in a statement, It's now time for me to pass `Star Wars' on to a new generation of filmmakers.

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