The Walt Disney Company announced Tuesday it is acquiring Lucasfilm Ltd. from George Lucas for $4.05 billion in stock and cash.

Lucas founded the company after his "Star Wars" franchise became a creative-effect haven for both television and film. Following the acquisition, Lucas will step down from day-to-day operations, reported the NY Times.

Disney CEO Bob Igar announced in a conference call that the studio has plans to release two additional installments of "Star Wars," Episode VIII and Episode IX.  Additional "Star Wars" films will be released every two to three years with producer Kathleen Kennedy helming the project and Lucas on board as creative consultant.

"Star Wars" will also expand into Disney's amusement parks, television programs, businesses and other Lucas companies.

Read the full story at the NY Times and Entertainment Weekly.

Reach Supervising Executive Producer Amanda Martinez here.