In conjunction with the news, Disney also revealed that plans for a seventh "Star Wars" film, "Star Wars: Episode VII," are in motion with eyes on theatrical release in 2015, The Hollywood Reporter said.
Kathleen Kennedy, current co-chair of Lucasfilm, will become its president, reporting to Walt Disney Studios chair Alan Horn. Disney is paying about half the purchase price in cash and will issue 40 million shares of stock, the company said in a statement Tuesday.
Kennedy will serve as executive producer on new Star Wars features, with the franchise's creator and Lucasfilm founder George Lucas, 68, serving as creative consultant. There are plans to release a new Star Wars film every two or three years.
"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," Lucas, who directed four of the six "Star Wars" films, said in a statement.
Disney chairman and chief executive officer Robert Iger, said, "This transaction combines a world-class portfolio of content including 'Star Wars,' one of the greatest family entertainment franchises of all time, with Disney's unique and unparalleled creativity."
According to Iger, the deal came with "an extensive and detailed treatment for the next three 'StarWars' movies."
Lucas said he decided to do the merger, in part, to give "Star Wars" stories to future generations.
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This isn't the first time Disney spent this much to acquire a beloved geek property. In 2009, the company bought Marvel for USD 4 billion, giving it control over superheros like Iron Man, Captain America, Hulk and Thor.
The deal also gives Disney the rights to "Indiana Jones."