Filmmaker and Hollywood legend George Lucas lends his support walt disney CEO Bob Iger in the bitter proxy battle between the company and 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, multiple sources confirmed to CNBC.
In a statement provided to CNBC, Lucas wrote:
“Creating magic is not for amateurs. When I sold Lucasfilm a little over a decade ago, I was thrilled to become a Disney shareholder because of my long-standing admiration for its iconic brand and Bob Iger's leadership. When Bob recently returned to the company during a difficult time, I was relieved. No one knows Disney better. I remain a significant shareholder because I have complete faith and confidence in the power of Disney and Bob's track record of creating long-term value. I have voted all my actions in favor. The 12 directors of Disney and we urge other shareholders to do the same.”
Disney has landed a series of high-profile backers in its battle against Peltz and his firm, Trian Fund Management, from the estate of Walt and Roy Disney to JPMorgan Chase CEO Jamie Dimon.
But the support of Lucas's backing is key, not only because of his role as Disney's largest individual shareholder, but also because of his position in Hollywood. Lucas wrote and created the “Star Wars” and “Indiana Jones” franchises, some of the most popular films in history, and helped pioneer tools like digital film editing and computer-generated imagery.
Peltz has asked investors to nominate him and former Disney CFO Jay Rasulo to the board at its annual general meeting on April 3. Among other things, Peltz wants to overhaul Disney's traditional television channels, which he believes have been a shrinking business.
Meanwhile, Iger has been trying to streamline the growing media company to rein in spending and make his Disney+ streaming platform profitable. Iger has instituted extensive restructuring, including thousands of layoffs.
