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Disney, which already owns brands such as Pixar, Marvel, ESPN and ABC, announced it is paying $4.05bn for the production company.
It confirmed it is making Star Wars Episode 7, which is scheduled to be released in 2015.
Kathleen Kennedy, the current co-chairman of Lucasfilm, will become its president and will report to Walt Disney Studios Chairman Alan Horn.
Lucas will be creative consultant on new Star Wars films.
"It's now time for me to pass 'Star Wars' on to a new generation of filmmakers," he said after the deal was announced.
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