Trump Bought Netflix and Warner Bros Bonds During $110B Hollywood Bidding War

Trump Bought Netflix and Warner Bros Bonds During Hollywood’s $110 Billion Media Takeover Battle

WASHINGTON — U.S. President Donald Trump purchased more than $1.1 million in corporate bonds issued by Netflix over the past three months while the streaming giant was engaged in a high-stakes bidding war for Warner Bros. Discovery, according to newly released government financial disclosures.

The transactions, revealed in filings from the U.S. Office of Government Ethics, show that Trump also acquired between $500,000 and $1 million in Warner Bros Discovery bonds during the same period. The purchases came as major media companies battled for control of Warner Bros in a deal that ultimately exceeded $110 billion, one of the largest media transactions in recent years.

The disclosures do not indicate whether Trump has since sold the bonds or whether he made a profit from the investments.

The financial activity has drawn attention because it occurred while the Trump administration publicly questioned the viability of Netflix’s proposed acquisition and raised potential antitrust concerns.

Four Netflix Bond Purchases

According to the filings, Trump bought Netflix bonds in four separate transactions.

The first two purchases occurred on December 12 and December 16, totaling more than $500,000. Two additional transactions took place on January 2 and January 20, adding more than $600,000 in bond investments.

Because government disclosures report financial assets in ranges rather than precise figures, the total value of Trump’s Netflix bond purchases is listed between $1.1 million and $2.25 million.

At the time of the purchases, Netflix bonds were trading at roughly $1.03 to $1.04 on the dollar, according to market data compiled by financial analytics firm LSEG.

The bonds carry an interest rate of 5.375% and are scheduled to mature in November 2029.

By late February, shortly before Netflix withdrew from the takeover battle, the bonds were trading at approximately $1.04 on the dollar, though they later slipped slightly back to around $1.03.

Because the filings do not disclose sale dates, it remains unclear whether Trump realized any gains or losses from the investment.

Warner Bros Bonds Also Purchased

The disclosures also show that Trump invested in Warner Bros Discovery bonds, purchasing between $500,002 and $1 million in two trades executed on December 12 and December 16.

At the time of purchase, those bonds were trading at about 91.75 cents and 92 cents per dollar. They have since risen to roughly 95 cents per dollar, meaning the investment could now be profitable if the bonds are still held.

The transactions took place as the company became the center of an aggressive corporate takeover battle.

A High-Stakes Hollywood Bidding War

The financial moves coincided with a fierce competition between Netflix and Paramount to acquire Warner Bros Discovery.

Netflix initially pursued the acquisition, a move that analysts said could have created one of the world’s most powerful entertainment and streaming companies. However, the proposed merger also raised concerns among regulators and investors due to the enormous debt burden the combined company would carry — estimated at around $85 billion.

The situation intensified when Paramount launched a hostile takeover bid on December 8, only days after Netflix announced its interest in the deal.

Paramount’s effort was supported by billionaire businessman Larry Ellison, whose financial backing helped strengthen the bid. Ellison personally guaranteed more than $40 billion in financing, supported by his holdings in technology company Oracle.

After weeks of competition, Paramount ultimately secured the deal with a winning offer valued at approximately $110 billion.

The acquisition will be financed partly by about $39 billion in new debt, provided by major financial institutions including Bank of America, Citigroup, and investment firm Apollo Global Management.

Following Paramount’s successful bid, Netflix withdrew from the takeover effort.

Political and Ethical Questions

Trump publicly raised doubts about Netflix’s attempted acquisition soon after it was announced in early December.

Speaking to reporters at the time, he suggested the merger could present antitrust concerns, warning that excessive concentration of market power in the media industry “could be a problem.”

The administration also faced scrutiny over pressure placed on Netflix regarding board member Susan Rice, a former adviser to former U.S. President Barack Obama.

Although Trump’s investments have sparked debate among ethics experts, U.S. presidents are exempt from federal conflict-of-interest laws that restrict many other government officials from holding financial interests in companies affected by government policy.

The White House has said Trump’s financial assets are held in a trust managed by his children, distancing the president from direct management of his investments.

“President Trump’s assets are in a trust managed by his children,” a White House spokesperson said. “There are no conflicts of interest.”

Trump’s Expanding Business Portfolio

Trump, a long-time real estate developer and investor, has reported more than $1 billion in total assets in previous financial disclosures. His business interests extend beyond real estate to include cryptocurrency ventures, golf resorts, and licensing agreements around the world.

However, ethics specialists say investments tied to industries affected by federal regulation can still raise questions about transparency and potential influence.

With media consolidation accelerating and the streaming industry undergoing rapid transformation, the overlap between political leadership and financial investment is likely to remain a subject of debate in Washington.