With the ongoing drama at the Walt Disney Company with Nelson Peltz and the Trian Group, along with Blackwells Capital and an upcoming Proxy battle, iconic Indiana Jones and Star Wars filmmaker George Lucas is stepping up and backing Disney.
What’s Happening:
- Legendary filmmaker George Lucas, the mind behind such iconic franchises as Indiana Jones and Star Wars, has shared his thoughts on the ongoing proxy fight with activist investors Nelson Peltz and his Trian Group, and Blackwells Capital.
- Lucas, unsurprisingly, is strongly supporting The Walt Disney Company and current CEO Bob Iger, and Disney’s board of directors.
- In a statement, Lucas said that “Creating magic is not for amateurs,” and referenced his sale of Lucasfilm to Disney a little over a decade ago.
- Lucas is only the latest in a growing line of names that are supporting Iger and his operation of The Walt Disney Company, with similar statements of support coming from the families of Walt and Roy Disney, and a shareholder services firm, Glass Lewis.
- This is only the latest entry in the ongoing proxy battle saga, with the two activist investor firms trying to get seats on Disney’s board and steer the company into different directions that they see fit. Lucas’s comments are also important as Lucas is a shareholder in the Disney company. When Disney acquired Lucasfilm for $4 billion a decade ago, the deal also reportedly included $1.8 billion in stock, though it is unclear exactly how much stock Lucas owns.
What They’re Saying:
- George Lucas: “Creating magic is not for amateurs. When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my long-time 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 full faith and confidence in the power of Disney and Bob’s track record of driving long-term value. I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same.”
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