Filmmaker and Hollywood legend George Lucas is throwing his assist behind Walt Disney CEO Bob Iger within the bitter proxy battle between the corporate and activist investor Nelson Peltz.
Lucas, who obtained 37.1 million Disney shares as a part of Disney’s $4.05 billion buy of Lucasfilm in 2012, is at present the most important particular person investor within the firm, a number of sources confirmed to CNBC.
In a press release supplied to CNBC, Lucas wrote:
“Creating magic isn’t for amateurs. Once I bought Lucasfilm simply over a decade in the past, I used to be delighted to change into a Disney shareholder due to my long-time admiration for its iconic model and Bob Iger’s management. When Bob not too long ago returned to the corporate throughout a troublesome time, I used to be relieved. Nobody is aware of Disney higher. I stay a big shareholder as a result of I’ve full religion and confidence within the energy of Disney and Bob’s observe file of driving long-term worth. I’ve voted all of my shares for Disney’s 12 administrators and urge different shareholders to do the identical.”
Disney has lined up a variety of high-profile endorsements in its battle towards Peltz and his agency, Trian Fund Administration, from the heirs of Walt and Roy Disney to JPMorgan Chase CEO Jamie Dimon.
However the assist from the Lucas endorsement is essential, not solely due to his position as Disney’s largest particular person shareholder, but in addition due to his standing in Hollywood. Lucas wrote and created the “Star Wars” and “Indiana Jones” franchises, a few of the hottest movies in historical past, and he helped pioneer instruments resembling digital movie enhancing and computer-generated imagery.
Peltz has requested buyers to appoint him and former Disney Chief Monetary Officer Jay Rasulo to the board at its annual basic assembly on April 3. Amongst different issues, Peltz desires to overtake Disney’s conventional TV channels, which he thinks have been a shrinking enterprise.
Iger, in the meantime, has been attempting to streamline the sprawling media firm to rein in spending and make its Disney+ streaming platform worthwhile. Iger has instituted broad restructuring, together with 1000’s of layoffs.
