Bronfman subpoenaed in Skydance-Paramount merger lawsuit

New York City's pension funds have issued a subpoena for billionaire Edgar Bronfman Jr. They want him to testify in their legal effort to stop the merger between Skydance and Paramount. Sources say the pensions seek to determine if Project Rise Partners has made a valid bid against Skydance’s $8 billion deal. The bid from Project Rise, led by Daphna Ziman, is valued at $8.8 billion, excluding nearly $5 billion in debt. Bronfman has connections to Ziman's bankrupt cable network called Cinemoi. The pension funds, overseen by mayoral candidate Brad Lander, served the subpoena to Bronfman this week. He is expected to answer questions in the upcoming week. A source mentioned that the pensions are trying to confirm the financial legitimacy of Project Rise’s bid. Skydance has accused Project Rise of trying to sabotage the merger, claiming it found evidence of “fraud” and “misrepresentation” in their offer. Skydance also suggested that Bronfman's previous bid for Paramount might be influencing Project Rise. Ziman and Bronfman have not commented on the matter. Initially, New York City’s pensions sought a court order to block the merger but have withdrawn that request. They are considering another motion for an injunction if Bronfman confirms the bid's validity. If he does not prove adequate financing, the pensions may wait to see if the merger goes through before pursuing legal action against the new company. Meanwhile, the Federal Communications Commission (FCC) is delaying approval of the merger as it investigates allegations related to an edited interview with Kamala Harris on CBS's “60 Minutes.” The investigation is significant as it could affect the merger's outcome ahead of the upcoming election.