In a surprising twist blending politics, finance, and entertainment, President Donald Trump disclosed investments of at least $1 million in corporate bonds from Netflix and Warner Bros. Discovery (WBD) shortly after the companies announced their blockbuster merger in December 2025.
The purchases, detailed in a White House financial disclosure released on January 16, 2026, have sparked speculation about potential conflicts of interest, given Trump's public statements on reviewing the deal and his administration's role in antitrust oversight.
Notably absent from his portfolio? Any stakes in Paramount Global, the rival bidder vying to snatch WBD away from Netflix, which could signal Trump's implicit favoritism toward the streaming giant's proposal.
The Investment Details: Timing and Scope
Trump's bond buys occurred on December 12 and 16, 2025, just days after Netflix and WBD unveiled their $82.7 billion deal on December 5. The disclosure shows he acquired between $250,001 and $500,000 in Netflix debt securities on each date, and the same amounts in bonds from Discovery Communications, a WBD subsidiary. This totals up to $2 million across the four transactions, though exact figures are reported in broad ranges as per ethics guidelines.
These moves were part of a broader $100 million bond-buying spree by Trump from mid-November to late December 2025, focusing on municipal bonds from cities, school districts, utilities, and hospitals, alongside corporate debt from companies like Boeing, General Motors, Macy's, Occidental Petroleum, SiriusXM, and Whirlpool.
White House officials emphasize that Trump's portfolio is managed independently by third-party financial institutions, with no direct input from the president or his family to avoid conflicts. However, the proximity to a White House meeting with Netflix co-CEO Ted Sarandos in early December—where Trump expressed concerns about market concentration and advocated for selling CNN separately — has raised eyebrows among ethics watchdogs.
Trump himself has been vocal, stating he would "be involved in that decision" regarding the merger's approval, citing potential antitrust issues with the combined entity's market share. He further criticized CNN's leadership as "corrupt or incompetent" and pushed for its divestiture.
On January 11, 2026, Trump amplified these views by sharing a link on Truth Social to an OAN opinion piece titled "Stop the Netflix Cultural Takeover," which lambasted Netflix for promoting "progressive narratives" and warned of its dominance post-merger. Sarandos responded in a New York Times interview, expressing confusion over the post and denying any related discussions.
The Merger Landscape: Netflix's Bold Play for Warner Bros.
The investments come amid one of Hollywood's most heated bidding wars. Netflix's acquisition targets WBD's film and television studios, HBO, HBO Max, DC Studios, and iconic franchises like "Harry Potter," "Game of Thrones," and DC superheroes, valued at $72 billion in equity (enterprise value $82.7 billion). WBD's linear TV networks, including CNN and Discovery, would spin off into a new entity called Discovery Global by Q3 2026. Initially a cash-and-stock deal at $27.75 per share, it was amended to all-cash on January 20, 2026, to provide more certainty to shareholders and accelerate approval amid competition.
WBD CEO David Zaslav praised the revision, noting it brings the companies "even closer to combining two of the greatest storytelling companies in the world." Netflix co-CEO Ted Sarandos echoed this, highlighting broader consumer choice and global value. The deal has filed under Hart-Scott-Rodino antitrust rules and is engaging with U.S. Department of Justice and European Commission regulators, with an expected close in 12-18 months.
Paramount's Hostile Challenge: David Ellison's High-Stakes Gamble
Complicating matters is Paramount Skydance's aggressive pursuit, led by David Ellison (son of Oracle founder Larry Ellison). On December 8, 2025, they launched a hostile all-cash takeover bid for the entire WBD at $30 per share, valuing it at $108.4 billion — $18 billion more than Netflix's offer in cash terms.
Backed by the Ellison family, RedBird Capital, and sovereign funds like Saudi Arabia's PIF, Qatar's QIA, and Abu Dhabi's ADIA, plus $54 billion in debt from banks like Bank of America and Citigroup, Paramount argues their proposal creates a stronger vertically integrated competitor.
Paramount has sued WBD for financial access, nominated its own board slate, and plans a proxy fight ahead of WBD's shareholder meeting. They extended their tender offer deadline beyond January 21, 2026, without raising the price, signaling persistence despite rejections.
WBD's board has unanimously rebuffed Paramount, calling their bid inferior due to higher leverage risks — potentially the largest leveraged buyout in history at $87 billion — and uncertainties in financing and regulatory approval. A Delaware judge denied Paramount's request to fast-track the lawsuit, keeping it on a standard schedule.
Trump, when asked about favoring Paramount's bid, demurred: "I don’t know enough about it," focusing instead on market share impacts. His lack of investment in Paramount bonds — despite exposure to other media and entertainment entities — further fuels perceptions that he views Netflix's partial acquisition as less disruptive.
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Implications: Conflicts, Market Reactions, and Broader Strategy
Ethics experts have questioned the optics, noting Trump's merger review role could influence outcomes while his investments stand to benefit. Social media buzz, including X posts from traders, highlights bullish sentiment on Netflix despite a -34% stock drop pre-earnings, citing oversold RSI levels and upcoming hits like "Stranger Things" and "Squid Game."
Netflix's Q4 2025 earnings beat expectations with $12.05 billion revenue and 325 million+ paid memberships, though Q1 guidance slightly missed, and it paused buybacks to fund the deal.
et, the selective media investments underscore a personal stake in an industry he often critiques. For David Ellison and Paramount, Trump's moves dim prospects, as regulatory hurdles for their full takeover — including antitrust scrutiny over combining broadcast and cable assets—appear steeper.
As the merger saga unfolds, Trump's bonds could prove prescient if Netflix prevails, solidifying its dominance. But in Hollywood's high-drama landscape, where politics meets dealmaking, the real script is still being written.
