Filmmaker and Hollywood icon George Lucas is throwing his weight behind Walt Disney CEO Bob Iger in the intense proxy battle against activist investor Nelson Peltz.
“Lucas, who received 37.1 million Disney shares as part of Disney’s $4.05 billion purchase of Lucasfilm in 2012, is currently the largest individual investor in the company,” confirmed multiple sources to CNBC.
Disney is rallying significant endorsements in its clash with Peltz and his firm, Trian Fund Management. These include backing from the heirs of Walt and Roy Disney and JPMorgan Chase CEO Jamie Dimon.
The support from Lucas is pivotal, not only due to his status as Disney’s largest individual shareholder but also because of his stature in Hollywood.
Lucas is the creative force behind iconic franchises like “Star Wars” and “Indiana Jones,” which are among the highest-grossing films in history. Additionally, he has been instrumental in advancing technologies such as digital film editing and computer-generated imagery.
Peltz is advocating for investors to nominate him and former Disney Chief Financial Officer Jay Rasulo to the board at the upcoming annual general meeting on April 3. One of Peltz’s objectives is to revamp Disney’s traditional TV channels, which he perceives as a declining business.
Meanwhile, Iger is focused on streamlining the sprawling media conglomerate to curb expenditure and bolster profitability for its Disney+ streaming platform. He has initiated extensive restructuring efforts, including significant layoffs.
