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 the moment the most important particular person investor within the firm, a number of sources confirmed to CNBC.
In an announcement offered to CNBC, Lucas wrote:
“Creating magic will not be for amateurs. Once I offered Lucasfilm simply over a decade in the past, I used to be delighted to turn out to be a Disney shareholder due to my long-time admiration for its iconic model and Bob Iger’s management. When Bob just lately returned to the corporate throughout a troublesome time, I used to be relieved. Nobody is aware of Disney higher. I stay a major shareholder as a result of I’ve full religion and confidence within the energy of Disney and Bob’s monitor report 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 lot of high-profile endorsements in its battle in opposition to 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 vital, not solely due to his position as Disney’s largest particular person shareholder, but additionally 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 reminiscent of digital movie modifying 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 common assembly on April 3. Amongst different issues, Peltz needs to overtake Disney’s conventional TV channels, which he thinks have been a shrinking enterprise.
Iger, in the meantime, has been making an attempt 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.
