George Lucas Stands With Disney: A Vote of Confidence Amidst Proxy Battle

In a move that has caught the attention of the business and entertainment worlds alike, George Lucas, the visionary creator of Star Wars, has publicly thrown his support behind Disney and its CEO Bob Iger in the midst of a high-stakes proxy battle. As Disney’s largest individual shareholder, Lucas’s endorsement carries significant weight and is a testament to his trust in the company’s leadership and direction.

“Creating magic is not for amateurs,” Lucas stated, emphasizing the expertise required to steer a company as multifaceted as Disney. His confidence in Iger is unwavering, as he expressed, “When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my longtime admiration for its iconic brand and Bob Iger’s leadership.” This sentiment is particularly poignant as Iger has recently reassumed the helm of Disney during a challenging period, reassuring Lucas and other stakeholders of the company’s stable future.

disney, florida, magic kingdom — Photo by HenningE on Pixabay

Lucas’s backing comes at a critical juncture as Disney faces off against activist investor groups Trian Partners and Blackwells Capital, both vying for seats on the board. With the annual shareholders meeting set for April 3, the stage is set for a showdown that could shape the future of the media giant. Lucas has cast his lot with Disney’s proposed slate of 12 directors, urging fellow shareholders to follow suit.

The stakes are high, with Trian Partners, led by Nelson Peltz, and Blackwells Capital questioning Disney’s recent performance and strategic direction. They have launched aggressive public campaigns, including satirical animations and critical websites, to sway shareholder opinion. However, Disney has responded in kind, leveraging its iconic characters like Pinocchio and Ludwig Von Drake to counter the activists’ narratives and defend its strategy.

Lucas’s support is not an isolated incident. It follows endorsements from other influential figures, including JPMorgan Chase CEO Jamie Dimon, who cautioned against unnecessary board changes, and the heirs of Walt Disney, who have expressed their backing for Iger and the current board. Disney’s rebuttal to Peltz has been firm, labeling the proxy fight as “disruptive and destructive” and questioning Peltz’s commitment given his recent sale of Disney shares.

As the founder of Lucasfilm and a major Disney stockholder since the acquisition of his company in 2012, Lucas’s voice is a powerful one in Hollywood. His statement reinforces the narrative of Disney as a company capable of creating enduring magic under seasoned leadership. With a net worth of $7.9 billion and a significant portion of that in Disney shares, Lucas’s vote of confidence may sway other investors to trust in the long-term vision that Iger and the current board represent.

The proxy battle intensifies, with all attention turning to the April 3 meeting. Will Lucas’s endorsement be the deciding factor in favor of Disney? Time alone will reveal the answer, yet it’s undeniable: the drama unfolding in Disney’s boardroom rivals any Hollywood blockbuster.