George Lucas backs Disney CEO Iger in proxy fight with Nelson Peltz

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Filmmaker George Lucas has backed Walt Disney CEO Bob Iger within the media firm’s bitter proxy battle with activist investor Nelson Peltz and hedge fund Blackwells Capital.

Lucas, who acquired 37.1 million Disney shares as a part of the corporate’s $4.05 billion buy of his Lucasfilm studio in 2012, is at the moment the most important particular person investor within the firm, according to CNBC, citing a number of sources.

“I stay a big shareholder as a result of I’ve full religion and confidence within the energy of Disney and Bob’s observe document 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,” Lucas mentioned in an announcement seen by Reuters.

George Lucas is at the moment the most important particular person investor within the firm. handout

The filmmaker, who’s greatest identified for creating the “Star Wars” franchise, weighed in in the future after Disney acquired a crucial endorsement from proxy advisory agency Glass Lewis, urging shareholders to re-elect all of the company’s directors.

Lucas’s relationship with Disney’s chief government dates to Iger’s days working ABC Leisure, when he greenlit the community tv collection “The Younger Indiana Jones Chronicles.”

The present opened in 1992 to a big viewers, which declined over time, and was canceled after a second season, Iger wrote in his autobiography, “The Trip of a Lifetime.”

Iger wrote that he was in a position to construct upon that relationship to strategy Lucas about promoting his firm.

“Creating magic will not be for amateurs. Once I bought Lucasfilm simply over a decade in the past, I used to be delighted to grow to be a Disney shareholder due to my long-time admiration for its iconic model and Bob Iger’s management,” Lucas mentioned Tuesday in his assertion of assist. “When Bob returned to the corporate throughout a tough time, I used to be relieved. Nobody is aware of Disney higher.”

Iger returned to Disney in November 2022, following the temporary, tumultuous tenure of CEO Bob Chapek.

Nelson Peltz has slammed Disney and is searching for a seat on the board. REUTERS
Disney and Bob Iger have been gathering the assist of distinguished figures who’re well-known to particular person traders Getty Pictures

Disney and Iger have been gathering the assist of distinguished figures who’re well-known to particular person traders.

The grandchildren of Disney founders Roy and Walt Disney final month publicly backed Iger and the board, calling the activist traders “wolves in sheep’s clothes” ready to tear the corporate aside.”

Peltz’s Trian Fund Administration had argued that Disney was slow to adopt to changes in streaming and bungled succession planning, making a “management void” and had misplaced its inventive spark.

Blackwells is pushing for the corporate to raised harness expertise and take into account separating is parks and actual property.

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