Unless you’ve been sleeping all day you probably know that the empire that is Disney just bought Lucasfilm (and the Star Wars galaxy) from George Lucas for $4.05 billion USD. Pretty big news. And they wasted no time making their first major announcement: a new Star Wars film is scheduled for 2015!

The film (working title Episode VII) will continue the Star Wars saga post-Return of the Jedi – although we can only speculate what that will mean for the original trilogy’s beloved characters. Episodes VIII and XI will likely follow in 2017 and 2019, completing a new trilogy. But there are also long-term plans to release a “new Star Wars film every two to three years” after that, according to reports.

So Lucas wasn’t lying when he said earlier this year that he wouldn’t make another Star Wars film… but that didn’t mean we wouldn’t get to see one!

“For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next,” said Lucas. “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…”

Lucasfilm’s soon-to-be new president Kathleen Kennedy will executive produce the trilogy, with Lucas staying on as a ‘Creative Consultant’. Despite the new role, George has most definitely handed over the reins, as the YouTube video discussion with Kennedy and Lucas posted by StarWars.com shows (see below). “At Last!” cry the many fans still suffering from a Jar Jar Binks hangover. As for Kennedy’s credentials: she has plenty of experience with blockbusters, serving as producer on the likes of E.T.: The Extra-Terrestrial, Jurassic Park and Back to the Future.

So what does Disney get? A lot: the Star Wars franchise, including the lucrative Games and Merchandise divisions, Industrial Light & Magic and Skywalker Sound, and the Indiana Jones franchise as a nice cherry on top – we don’t need to mention franchises like Red Tails and Howard the Duck. Not too bad for $4 billion and change.

But it’s Star Wars Disney was after. Jay Resulo, senior executive vice president and CFO of The Walt Disney Company, commented “…Our valuation focused almost entirely on the financial potential of the Star Wars franchise, which we expect to provide us with a stream of storytelling opportunities for years to come delivered via all relevant platforms on a global basis.

Given Disney’s track record with Pixar and Marvel – especially The Avengers franchise – we should have new hope for the Star Wars saga’s continuation. But its success will likely hinge on who they get in to write and direct. According to the YouTube discussion, they already have writers working on ideas (how cool would that job be?!) and Lucas has created treatments for Episodes VII, VIII and IX.

No word as to who might be on the director shortlist though. Spielberg? Abrams? Or perhaps an upcoming director with great cred – like Abrams before he got Star Trek.

We also don’t yet know what will happen with 20th Century Fox’s Star Wars 3D release and The Clone Wars TV series, currently distributed by Time Warner. Stay tuned.

So tell us… is the force strong with this or do you have a bad feeling? Who would you get to direct the new Star Wars film? Do you reckon Disney could make a Star Wars Christmas Special work?

See Disney’s Chief Executive Bob Iger and George Lucas make the announcement:

A discussion with George Lucas and Kathleen Kennedy: