Trump purchased Netflix and Warner Bros Discovery bonds days after merger announcement

WASHINGTON, DC: President Donald Trump quietly purchased debt tied to Netflix and Warner Bros Discovery shortly after the two media giants revealed a $83 billion merger, according to a newly released financial disclosure.

The disclosure made public this week shows Trump acquired corporate bonds connected to Netflix and Warner Bros. Discovery in December, days after the merger was announced.

The investments indicate holdings of up to $2 million in Netflix-related bonds and a comparable sum linked to WBD.

Potential regulatory conflict

A financial disclosure released by the White House shows that Trump purchased between $250,001 and $500,000 worth of Netflix bonds on Dec 12 and again on Dec 16.

The filing also indicates he bought bonds in the same value range from Discovery Communications LLC, a Warner Bros. Discovery subsidiary, on those dates. The disclosure was dated Jan. 14.

That revelation places the president in a sensitive position, given his indirect financial exposure to the companies involved.

Any approval of the Netflix–WBD merger would likely involve the Department of Justice, which evaluates whether major corporate combinations undermine competition.

While the purchases do not represent equity stakes and carry no voting rights, bondholders are creditors who benefit from a company’s financial stability.

The White House has previously maintained that Trump’s bond investments are managed by an independent financial adviser and that the president does not personally direct individual transactions.

Even so, the timing of the purchases highlights a scenario in which Trump stands to profit from firms whose future could be shaped by decisions made during his administration.

The situation is further complicated by parallel media manoeuvring in Trump’s orbit.

Tech billionaire Larry Ellison, a longtime Trump ally, has backed his son, Skydance CEO David Ellison, in efforts related to Warner Bros Discovery.

The Netflix and WBD investments are part of a much larger bond portfolio disclosed, which includes debt issued by major corporations such as General Motors, Boeing, and Macy’s, as well as municipal bonds from states and cities across the country.

Trump’s mixed public signals

Trump’s financial move came amid a series of personal and public interactions with executives tied to the merger.

He met Netflix co-CEO Ted Sarandos shortly before the deal was unveiled and later praised him publicly, calling him “a fantastic man.”

At the same time, Trump recently amplified criticism of the merger by reposting an article on Truth Social titled “Stop the Netflix Cultural Takeover,” raising questions about his stance on the transaction.

Responding to that post, Sarandos told The New York Times: “I don’t know why he would have done that… No conversation we ever had was about any of the things that were in that article that he posted. I don’t want to overread it, either.”

Speaking to reporters at the Kennedy Center earlier, Trump raised concerns over the “very big market share,” adding that “it can be a problem.”