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okay we have now covered the fundamentals for negotiation we know how to prepare determine a Batna and reservation point what anchoring achieves how to build or mend trust the common pitfalls negotiators fall into and how to avoid them and what medium of communication to use let's bring it all together you can take a front-row seat for our recap of the negotiations between George Lucas and Robert Iger that led Walt Disney Studios to take control of Lucasfilm limited the birthplace of the Star Wars universe as the events unfold pay attention to the annotations they will point out the tactics and methods we have discussed as they appear during the conversations you will notice the negotiations are interest based and both parties constantly try to create mutual value world-class businessmen understand an M&A transaction done right can be much more than a zero-sum game following the acquisition of Pixar in 2006 and Marvel Entertainment in 2009 while Weiser is thinking about the future of Disney okay Disney now has a reservoir of characters we can build franchises around both Pixar and Marvel have given us that we produce movies and TV shows we have theme parks we sell toys Disney is set on a strong trajectory but I need to work even harder now to ensure the company's creative and competitive future the entertainment world is less forgiving than ever they can destroy us online if we're not great we need to come up with an amazing project to do well we need another mini Disney Warner Brothers pictures is involved with big projects like Harry Potter but the Harry Potter franchise won't be so sustainable for the next decade or more perhaps Lego is worth considering its a recognizable brand games movies toys yes that has potential then again Lego is a growing concern acquiring the company will be difficult it is constantly generating cash flow it's the same with DC gigantic legacy but not the right economic choice we'll be opening the Star Tours the adventure continues attraction in Hollywood Studios in may George will be there I can discuss with him a possible merger he's the sole shareholder of the company and Lucasfilm will make perfect sense as an asset even though I have worked with George I know he strives for creative independence it will be difficult for him to sell Lucasfilm he will be concerned about keeping the Star Wars universe secure but you never know he can still participate to some extent he might even expect to get part of the synergies Lucasfilm has Star Wars and revitalizing the characters boosts the mark up a lot that's a fair concern but I must make sure whatever we agree upon is fair and Disney comes up with a larger part of the upside we're taking all the risk here there are possibilities we can discuss George do you want to grab a bite at the Star Tours inauguration hi Bob yeah chin up sounds great let's do it May 2011 Bob Iger and George Lucas meet at the Hollywood Brown Derby usually close during morning hours but open for the occasion just for the two of them on.i jurors instructions I will have an omelet thanks hand a yogurt parfait for me you've been overseeing the Star Tours reconfiguring for two years now right are you happy with the attraction yeah it's great thanks you know technology has advanced so much after we first created the attraction and 87 but Disney Imagineers just don't seem to know the word no and the new ride brings a fantastically convincing experience I'm very fond of working with them glad to hear I'm looking forward to cutting the red tape later and I hear there will be a couple of light sabers we can cross them on stage see how your years of experience will dwarf my skills yeah can do hey listen would you consider selling Lucasfilm to Disney to be honest I am thinking about retiring I'm 67 years old and restructuring Lucasfilm over the past few years has been aimed at making the company less dependent on my leadership and very but I still have projects to attend to the clone war is is entering its fourth season and we have the live-action Star Wars on the drawing table and I have other ideas about movies I might put into production for the moment I would have to say no I'm not ready to pursue that now but what I am I'd love to talk okay that's all I was asking call me when you're ready okay when Disney bought Pixar they let the management be they didn't metal and that was brilliant Pixar had all the creative freedom to output great stories it is possible I may be able to retain some influence over the Star Wars universe if I saw Lucasfilm to Disney that will also greatly depend on who runs the company after I retire February 2012 Lucas contacts Kathleen Kennedy co-founder of Amblin entertainment alongside Steven Spielberg and one of Hollywood's leading producers and they set up a meeting over lunch in New York I suppose you've heard that I'm moving forward fairly aggressively to retire actually no yes I am and I'm making changes around the management to make Lucasfilm less dependent on me as a head of the company I intend to maintain the title of CEO and a service co-chairman for another year but I want someone to co-chair Lucasfilm with me that person will ultimately become the head of Lucasfilm okay let's think about it and take off some potential candidates no no no I'm thinking about you doing this you know George I actually might really be interested in that look carefully we must build this company up so it functions without me we need to do something to make it attractive you are absolutely right excuse me for a minute right if I'm about to let go of Lucasfilm what would Disney get out of it Lucasfilm is a solid brand and has good standalone value but if it merges with Disney that's the least of it Disney will bring the Star Wars franchise back to life maybe Indiana Jones - and then the synergies will be enormous Disney will generate hundreds of millions in consumer product licensing and it will go for a global reach with all retail that's not just Star Wars the movie franchise as a single cashflow source anymore it'll be a lot bigger and a lot more money will flow through it and I need to be part of it Bob must realize it's not just Lucasfilm I'm signing over its Luke Leia Han my characters my legacy I must be a decision maker in the new releases and in the revenues besides I have ideas about the final Star Wars trilogy my team and I can expand the franchise and market it oh yes Lucasfilm will not be sold at standalone value and markup and if I pitch Industrial Light and Magic and Skywalker Sound my top class digital effects Studios it would add a ton of value Disney will without a doubt use them to help Pixar productions and live-action releases like the Marvel movies okay Lucasfilm has Star Wars it's most lucrative commodity yes and I've been having some ideas about episodes 7 8 & 9 fantastic let's do these movies then Kennedy and Lucas invite Michael Arndt an oscar-winning screenwriter and Lawrence Kasdan as an adviser to write episode 7 in August Lucas went to Orlando to persuade Carrie Fisher Mark Hamill and Harrison Ford who play Princess Leia Organa Luke Skywalker and Han Solo to revisit their characters in future movies June 2012 Lucas contacts Bob Iger ready to revisit the topic of selling Lucasfilm negotiations begin in earnest Bob this is what I think a sale to Disney will look like Star Wars and I will always be linked it doesn't matter if I own the company or not when I die everyone will say Star Wars creator George Lucas I propose this will be the best course of action I handover the entire company including Industrial Light & Magic Skywalker sound and the rights to the Indiana Jones franchise but I retain complete control over Star Wars my team and I have been growing the franchise for a long time and it's only natural that we know best how to license market and produce Star Wars materials in fact this is what the business plan looks like and that's the projected figures but to get there we must get the new movies right I think it would be wise to keep some of this structure intact I see where you're coming from this is your legacy we're negotiating and I'm happy to offer you some autonomy and to consider your valuation regarding autonomy we've done this before with Marvel Man Pixar these studios retain their autonomy but in a limited way here we can do something similar don't get me wrong we greatly respect your work and we want to build on your vision of Star Wars not replace or erase it that's out of the question we would love to have you on as an advisor consultant I mean nobody knows the 17,000 characters and the chronology of over 20,000 years better than you and that would be good for you you'd keep an eye out for the characters but you need to know if Disney owns Lucasfilm it will be Disney not Lucasfilm that has the final say over all things Star Wars we are certainly willing to keep Lucasfilm intact management's creative team with Kathleen at the helm okay we have developed the story treatments for the final Star Wars trilogy I can relinquish some of the control if Disney agrees to take them and use them as the basis for any future films and it needs to be added to the acquisition agreement the projected figures also consider the success of the treatments bear that in mind that sounds good but I need to look at the scripts before we agree on anything final look I know what I'm doing buying the stories is part of the deal you will need to trust me okay I understand George we would need to see some script text before we can continue with a deal what do you think would be the best way to proceed tell you what how about if we ensure the treatments will only be read by a limited number of people you alan horne and kevin Mayer that should work as long as you sign a nondisclosure agreement that's all right we can sign that George we read them they're good have storytelling value your valuation however is soft on the risks we'll be taking think about it there is a lot of uncertainty about the critical acclaim these figures they are very speculative and you still haven't told us if Carrie Fisher Harrison Ford and Mark Hamill will agree to shoot if we acquire Lucasfilm and okay we will release globally but our core market is the US and the overall macroeconomic growth of the market is something to be cautious about on October 30th 2012 after five months of exhausting negotiations George Lucas and Walt Disney Company president Bob Iger signed the agreement selling Lucasfilm to Disney for 4.05 billion dollars equally split between cash and Disney stock Lucas remains involved with Star Wars in the capacity of a consultant the amount of stock received makes George Lucas the second-largest shareholder for Disney after the Loreen jobs trust which sold Pixar to the Walt Disney Company in 2006 a deal between the two companies makes sense from a strategic perspective given that Disney is a world-class film studio able to continue the Star Wars franchise produce great movies that will win critical acclaim and monetize the huge Star Wars fan base all over the world Star Wars was the biggest bargaining chip in this negotiation the other issues which is building the value and playing a strategic role both sides made concessions but ended up with a lot more value than initially on the table now several years after the deal has been completed we can say with certainty both parties won from this transaction the Star Wars movies created by Disney and Lucasfilm are some of the highest-grossing movies of all time and movie critics rate them as excellent both parties won as they created a formula that allowed them to work together