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Did Disney overpay for Lucasfilm — or get a great deal?

George Lucas Poses With A Group Of "Star Wars" Inspired Disney Characters At Disney's Hollywood Studios

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George Lucas poses with a group of "Star Wars"-inspired Disney characters. Disney is buying Lucasfilm for $4 billion and with it, the "Star Wars" franchise.

Did you hear? Disney just announced that it's buying "Star Wars" — I mean Lucasfilm — for $4.05 billion. That sounds like a lot, but people are already raising questions about whether the financial upside to owning one of the most famous entertainment franchises of all time is really there for the Mighty Mouse and Disney CEO Bob Iger. 

We have two main lines of thinking. One is that, in the context of Disney and Iger's previous blockbuster acquisitions — Pixar for $7.4 billion in 2006 and Marvel for $4 billion in 2009 — Lucasfilm, even if it comes with an influential special effects operation, looks curiously undervalued. I noted this in my post yesterday when I observed that Disney, in announcing the deal, tallied the all-time film grosses for "Star Wars" at $4.4 billion. That's just movies. Wouldn't that mean - when you take into account all the toys and games and just endless amounts of Star-Wars-y stuff - that the property is worth billions more? 

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