Star Wars creator George Lucas has sold his film production company Lucasfilm to The Walt Disney Company in a deal worth $4.05bn (£2.5bn).

Mr. Lucas said: “For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next, it’s now time for me to pass Star Wars on to a new generation of film-makers.”

George Lucas, who launched Lucasfilm in 1971, described the deal as his ‘retirement plan’ and said he wanted to focus on other projects, such as philanthropy.

On signing the deal, Disney’s Robert Iger said the company planned to release a new Star Wars film, Episode VII, in 2015.

“Not a smart idea” Says Simon McCarty from Grade 9, “Leave Star Wars as it is. It’s not a cartoon.”

The Walt Disney Company now owns Pixar, Marvel and Lucasfilms.

That will be followed by Episodes VIII, IX, and one new movie every two or three years.

“I do think it would be cool to have another Star Wars. That was like my childhood.” said Jedidiah Edwards from Grade 9.

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

Except for Star Wars, Disney also owns Indiana Jones which used to be owned by Lucasfilms. Although Disney now owns the rights to Indiana Jones they say that they will not be releasing any new episodes.