Trump Bought Netflix Bonds While Criticizing Streaming Giant’s Warner Bros Deal

Former President Donald Trump engaged in over $1.1 million in transactions involving bonds from Netflix and Warner Bros. Discovery during the height of the bidding war between Netflix and Paramount Skydance for the latter company, according to government disclosures. The purchases, made between December 2025 and January 2026, occurred as Trump publicly questioned the viability of a Netflix acquisition of Warner Bros. Discovery and simultaneously pressured Netflix to remove Ambassador Susan Rice from its board.

A Complex Financial Picture

The filings, reported by Reuters and Yahoo Finance, show Trump bought more than $500,000 of Netflix bonds in two transactions on December 12 and December 16, and an additional $600,000 across two trades on January 2 and 20. The White House disclosed the total value of these purchases to be between just over $1.1 million and $2.25 million. The Netflix bonds, which carry a 5.375% interest rate and mature in November 2029, were trading at between $1.03 and $1.04 on the dollar when Trump made his purchases, according to data compiled by LSEG. As of February 26, 2026, they were trading at $1.04, but have since fallen back to $1.03.

Beyond Netflix, Trump also purchased between $500,002 and $1 million in Warner Bros. Discovery bonds on December 12 and 16. These bonds were trading at 91.75 and 92 cents on the dollar at the time of purchase and are now worth 95 cents on the dollar, potentially putting those investments “in the money” if held.

Political Interference and Potential Conflicts

The timing of these bond purchases is particularly noteworthy given Trump’s public statements and actions regarding the proposed deal. Days after Netflix announced its $72 billion bid for Warner Bros. Discovery on December 5, Trump voiced concerns about market concentration, suggesting the deal “could be a problem.” He also called for Netflix to remove Ambassador Susan Rice, a former Obama administration official, from its board, citing her comments about potential repercussions for companies that support his administration. As reported by Investing.com, this pressure followed a post by activist Laura Loomer highlighting Rice’s statements.

While Trump is exempt from conflict-of-interest laws that apply to other executive branch officials, the purchases raise questions about potential ethical implications. The White House maintains that Trump’s assets are held in a trust managed by his children, and that no conflict of interest exists, as stated by spokeswoman Anna Kelly. However, the simultaneous investments and public commentary create a complex and potentially problematic scenario.

The Bidding War and Paramount’s Victory

The battle for Warner Bros. Discovery pitted Netflix against Paramount Skydance, backed by Oracle founder Larry Ellison, a prominent Trump ally. Paramount launched a hostile takeover bid for the entirety of WBD, valuing the company at $77.9 billion (an enterprise value of $108 billion, or $30 per share). Paramount was reportedly prepared to increase its bid to $31 per share. Paramount emerged victorious with a $110 billion offer, backed by $39 billion in new debt from Bank of America, Citigroup, and Apollo. Reuters reported on this outcome.

Debt and Deal Structure

The Netflix deal, had it succeeded, would have focused on acquiring WBD’s streaming services (including HBO Max) and legacy titles for $72 billion in cash, representing an enterprise value of approximately $83 billion. The Paramount deal, encompassing the entire company, carries a significantly higher debt load. The combined company will have approximately $85 billion in debt, a factor that initially set pressure on Netflix’s bonds when the deal was first announced.

Shifting Stances and Regulatory Scrutiny

Interestingly, Trump initially indicated he would stay out of the Netflix-Paramount battle, telling NBC News in February 2026 that the Justice Department would handle any potential antitrust concerns. NBC News detailed this shift in his position. However, his subsequent public criticisms of Netflix and support for Paramount, through his ally Ellison, suggest a more active role than initially stated.

What’s Next for the Combined Companies?

With the Paramount deal finalized, the focus now shifts to integration and debt management. The companies will need to navigate the complexities of merging operations, streamlining content offerings, and addressing the substantial debt burden. Regulatory scrutiny, while seemingly overcome, remains a potential factor. Investors will be closely watching Paramount’s performance in the coming quarters to assess the success of the acquisition and its ability to generate returns. The debt load will be a key metric, as will the performance of the combined streaming services in a fiercely competitive market.