The Disney empire’s stock price soared more than $1 billion on Tuesday, thanks to its acquisition of the entertainment giant Lucasfilm, which Disney then sold for $4.7 billion.
In the wake of the announcement, shares of Lucasfilm surged more than 7 percent in the first three minutes of trading.
Disney said Tuesday that the deal will create the world’s largest film and television studio, with the company adding 8,000 employees to its production team, and that the move is expected to create 3,000 new jobs.
“It is the culmination of decades of strategic planning by the Walt Disney family to deliver the best possible entertainment experiences for generations to come,” Disney CEO Bob Iger said in a statement.
“This transaction is a tremendous milestone in our efforts to build an industry-leading entertainment and entertainment-related business and one that will enable us to continue to create extraordinary value for our shareholders.”
In addition to Lucasfilm and the new Lucasfilm Animation Studios, Disney also bought a stake in Lucasfilm Productions, the maker of the Star Wars franchise.
Disney is currently under pressure to find a way to increase the number of movies and TV shows it produces.
Its next big blockbuster movie, Star Wars: The Last Jedi, is set to hit theaters on Dec. 15.
In a statement, Lucasfilm said that the sale will “strengthen our portfolio of content and ensure that we have the resources and the resources to continue the long-term development of the world-class Star Wars universe.”
The news comes as Disney’s stock is up more than 15 percent in 2017.