Walt Disney (DIS) buys Lucasfilm

Jar Jar Binks

Episode VII: Jar Jar Binks Rises. Coming to a theater near you.

That's right, 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.

Mark Hamill better dust off his light saber, because he could be back to play a role as the Jedi Master instructor at the new Jedi academy.

"It's now time for me to pass 'Star Wars' on to a new generation of filmmakers," the 68-year-old Lucas said. "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."

Mastery Bottom Line:

Disney keeps expanding its empire, adding LucasFilms to its portfolio which includes ESPN, ABC, the Pixar animation studio and Marvel Comics.

We hope Disney will not repeat the abominations which were episodes I - III. They really need to go all-out here and get a director like David Fincher (Fight Club, Se7en, among others) to take on Star Wars Episode VII.

It is a dream come true to hear that new Star Wars movies will be made in our lifetime. Let's just hope that Disney can deliver.