In the high-stakes world of corporate battles, Hollywood legend George Lucas is stepping into the fray, throwing his weight behind Walt Disney CEO Bob Iger in a bitter proxy battle with activist investor Nelson Peltz.
Lucas, who received 37.1 million Disney shares as part of Disney’s acquisition of Lucasfilm in 2012, is not only the largest individual investor in the company but also a towering figure in the entertainment industry. As the creator of iconic franchises like “Star Wars” and “Indiana Jones,” Lucas’s endorsement carries significant weight, adding a touch of Hollywood glamour to Disney’s defense against Peltz and his firm, Trian Fund Management.
Disney, in its bid to fend off Peltz, has rallied an impressive lineup of supporters, including the heirs of Walt and Roy Disney and JPMorgan Chase CEO Jamie Dimon. However, Lucas’s endorsement is seen as particularly crucial, given his stature in the industry and his substantial investment in the company.
The proxy battle comes ahead of Disney’s annual general meeting on April 3, where Peltz has proposed himself and former Disney CFO Jay Rasulo as board nominees. Peltz is advocating for significant changes, including an overhaul of Disney’s traditional TV channels, which he believes are facing a decline in profitability.
In contrast, Iger has been focused on streamlining Disney’s operations, particularly in making its Disney+ streaming platform profitable. Under Iger’s leadership, Disney has undergone extensive restructuring efforts, including significant layoffs, as part of its broader strategy to adapt to changing consumer preferences and the evolving media landscape.
As the battle lines are drawn, the support from industry titan George Lucas adds a compelling twist to the unfolding saga, highlighting the complex interplay between Hollywood legends and corporate titans in the world of entertainment and media.
(Source: Deadline | Hollywood Reporter | CNBC)
