George Lucas
Courtesy of Dimitrios Kambouris/Getty Photos for The Museum of Trendy Artwork
There’s a disturbance within the power, and George Lucas needs to assist appropriate the issue.
The Star Wars and Indiana Jones filmmaker is weighing in on The Walt Disney Firm’s ongoing proxy battle with activist traders, and he’s throwing his help firmly behind CEO Bob Iger and Disney’s board.
“Creating magic isn’t for amateurs. After I offered 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 in a press release Tuesday. “When Bob lately returned to the corporate throughout a troublesome time, I used to be relieved. Nobody is aware of Disney higher. I stay a major shareholder as a result of I’ve full religion and confidence within the energy of Disney and Bob’s observe report 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 is a high-profile identify to help Iger and Disney, following comparable statements of help from the household of Walt and Roy Disney final month, to not point out the shareholder providers agency Glass Lewis, which launched its suggestion to help the Disney board this week.
Disney is dealing with a proxy battle towards two activists: The company raider Nelson Peltz, and Blackwells Capital. Notably, Peltz has billions of {dollars} in shares pledged by Ike Perlmutter, who, like Lucas, offered his firm (Marvel) to Disney and have become a serious shareholder. Perlmutter remained with Disney till being laid off final 12 months.
It’s not clear how a lot Disney inventory Lucas owns, however when the corporate acquired Lucasfilm for $4 billion, the deal included about $1.8 billion in inventory. Marvel, equally, was acquired for about $4 billion.
Disney has been aggressively pushing again towards the activists, not solely outlining a strategic gameplan, however framing them as being extra self-interested than pro-Disney.