President Donald Trump purchased more than $1.1 million in bonds from Netflix and Warner Bros. Discovery during the period the streaming giant was attempting to acquire the latter, according to government disclosures. The transactions, reported in filings dated February 27, occurred as Trump publicly questioned the potential merger and his administration signaled potential antitrust concerns.
The disclosures show Trump bought over $500,000 in Netflix bonds in two transactions on December 12 and December 16. He then purchased an additional $600,000 worth across two trades on January 2 and January 20. The White House filings indicate the total value of the Netflix bond purchases was between just over $1.1 million and $2.25 million. The bonds, due in November 2029, carried an interest rate of 5.375%.
Simultaneously, Trump acquired between $500,002 and $1 million in Warner Bros. Discovery bonds on December 12 and December 16. These bonds were trading at 91.75 cents and 92 cents on the dollar at the time of purchase and are now worth 95 cents on the dollar, potentially representing a profit if he continues to hold them.
The purchases occurred while Trump publicly expressed skepticism about the proposed merger. Days after the deal was announced on December 5, he told reporters that the concentration of market power “could be a problem.” His comments coincided with pressure from the administration on Netflix, including calls to remove Susan Rice, a former Obama administration official and a member of Netflix’s board, from her position.
The bidding war for Warner Bros. Discovery involved Paramount, backed by Larry Ellison, a major Republican donor whose company, Oracle, provided over $40 billion in support. Paramount ultimately secured a $110 billion offer, leading Netflix to withdraw its bid approximately two weeks ago. The Paramount transaction is being financed with $39 billion in new debt from Bank of America, Citigroup, and Apollo.
White House spokeswoman Anna Kelly stated that “President Trump’s assets are in a trust managed by his children” and that “We find no conflicts of interest.” It remains unclear whether Trump profited from the bond purchases, as the filings do not disclose whether or when the bonds were sold.
The timing of the purchases and Trump’s public statements have drawn scrutiny, given that presidents are exempt from conflict-of-interest laws that apply to other executive branch officials. The latest disclosures were posted online last week, revealing Trump’s extensive financial holdings, which include assets exceeding $1 billion in crypto, golf clubs, and licensing deals.
Netflix’s bonds traded at $1.03 and $1.04 on the dollar when Trump initially purchased them in December, and at $1.04 and $1.03 on the dollar during his January purchases, according to data compiled by LSEG. Following Netflix’s withdrawal from the bidding war on February 26, the bonds briefly rose to $1.04 before falling back to $1.03 as of Friday.