Legendary filmmaker George Lucas has thrown his weight behind Walt Disney CEO Bob Iger in the ongoing proxy battle with activist investor Nelson Peltz. Lucas, known for creating iconic franchises like “Star Wars” and “Indiana Jones,” is the largest individual shareholder in Disney after receiving 37.1 million Disney shares as part of the Lucasfilm acquisition in 2012.
Lucas’ endorsement is crucial for Disney, not only due to his significant stake in the company but also because of his standing in Hollywood. As a pioneer in digital film editing and computer-generated imagery, Lucas has shaped the world of filmmaking. With his support, Iger gains not only a financial ally but also a powerful industry voice.
Challenges from Nelson Peltz
Activist investor Nelson Peltz has been pushing for changes at Disney, including nominating himself and former CFO Jay Rasulo to the board. Peltz aims to revamp Disney’s traditional TV channels, which he sees as a declining business. In contrast, Iger is focused on restructuring the company, cutting costs, and making Disney+ profitable amidst a changing media landscape.
With the annual general meeting approaching on April 3, the proxy battle between Disney and Peltz continues to heat up. While Disney has garnered support from influential figures like the descendants of Walt and Roy Disney and JPMorgan Chase CEO Jamie Dimon, Lucas’ endorsement adds a significant boost to Iger’s position.
As George Lucas throws his support behind Bob Iger in the proxy battle against Nelson Peltz, the stakes are high for the future of Disney. With Lucas’ endorsement, Iger gains not only financial backing but also the credibility and influence of a Hollywood legend. The outcome of this battle will not only shape the direction of Disney but also the broader landscape of the entertainment industry as a whole.
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