Mar 19, 2024 - Business

Star Wars creator George Lucas backs Disney in proxy fight

George Lucas before an F1 race

Photo: Robert Daemmrich Photography Inc/Corbis via Getty Images.

George Lucas on Tuesday came out in support of Walt Disney Co. and its CEO Bob Iger, in their proxy battle with activist investor Nelson Peltz.

Why it matters: The Star Wars creator, who sold Lucasfilm to Disney in 2012 for $4 billion, isn't known for getting in the middle of financial fights.

What he's saying: Lucas, who's believed to be Disney's largest individual shareholder, said in part:

"Creating magic is not for amateurs. ... When Bob recently returned to the company during a difficult time, I was relieved. No one knows Disney better."

The bottom line: Disney is drawing many well-known characters into its activist defense, with Lucas becoming the latest to join a parade that already included Jamie Dimon and eight grandchildren of Walt and Roy Disney.

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