After stating that he was not going to make more “Star Wars” movies earlier this year, the franchise’s creator, George Lucas, has sold Lucasfilm Ltd. On Oct. 30, The Walt Disney Co. announced that it will acquire the production company behind “Star Wars” and “Indiana Jones” for $4.05 billion.

Disney has agreed to pay for its new acquisition in both cash and stock. Once the transaction is completed, Lucasfilm and Skywalker Sound will be joining Pixar, ABC, Marvel and ESPN in the list of assets owned by Disney. Kathleen Kennedy, current co-chair of Lucasfilm, has been chosen as Lucasfilm’s new president and will be working with Walt Disney Studios chairman Alan Horn.

The deal also includes Industrial Light & Magic, the leading FX organization in Hollywood, which will earn Disney millions of dollars according to Forbes. With the acquisition of Lucasfilm and all its branches, Pixar Animated Studios and Marvel Entertainment, Disney has become a leader in animation, sci-fi and super hero films.

In a short video released by Starwars.com, Lucas explains that he sold the company to protect it. He then says that he is “doing this so that the films will have a longer life, and so that more fans and people can enjoy them in the future.”

Disney’s CEO, Robert A. Iger, also announced that a seventh Star Wars film is scheduled for release in 2015. According to the New York Times, episode seven will be followed by a string of new films coming out every two or three years.

Bloggers and Star Wars followers across the world took to social media to express their opinions. Reactions across the web were mixed and ranged from excitement to disappointment. While some claim that Disney will ruin the story, others think that Lucas stepping away is the best thing that could have happened to the franchise.

Freshman Shannon Andrews said, “There is a lot of pressure on Disney, Star Wars fans will be expecting an amazing film.”

In an effort to calm hardcore Star Wars fans, Iger stated that Lucas will be a creative consultant and will continue to be an instrumental part of the franchise. “There is a lot of trust there,” Iger said. Additionally, Lucas said he trusts that Kennedy will protect his vision.

No projects regarding the Indiana Jones franchise have been announced.

As for the $4.05 billion, a spokesperson for Lucasfilm announced Lucas will be donating the majority of the proceeds to an educational philanthropy. Lucas has yet to choose a foundation.