Investment in Netflix as Paramount Acquires Warner Bros.

Donald Trump Purchased Over $1.1 Million in Netflix Bonds Amid Media Industry Bidding War​

Government Disclosures Show Multiple Bond Purchases​

Government ethics disclosures reveal that US President Donald Trump purchased more than $1.1 million worth of Netflix bonds over the past three months. The filings indicate the transactions occurred during a period when Netflix was engaged in a high profile attempt to acquire Warner Bros. Discovery, competing against Paramount and Skydance.

According to the disclosure documents, Trump carried out two purchases on December 12 and December 16 totaling more than $500,000. He later added to the position with two more trades on January 2 and January 20, purchasing more than $600,000 in additional bonds.

The White House reported the investment using disclosure ranges rather than precise values, placing the total purchase between slightly over $1.1 million and $2.25 million.

Bond Details and Market Pricing​

The bonds acquired by Trump carry an interest rate of 5.375% and mature in November 2029. Market data shows that the securities were trading around $1.03 to $1.04 per dollar when the purchases were made.

On December 12 and December 16, the bonds traded at approximately $1.03 and $1.04 on the dollar. When Trump made his second round of purchases on January 2 and January 20, prices were again near $1.03 and $1.04 per dollar.

The bonds were priced at about $1.04 per dollar on February 26, one day before Netflix withdrew its bid for Warner Bros. Discovery. As of Friday, they were trading near $1.03 per dollar.

The disclosure does not indicate whether Trump has sold the bonds, making it unclear whether the investment has produced gains or losses.

Warner Bros. Bonds Also Purchased​

The filings also show that Trump bought between $500,002 and $1 million in Warner Bros. bonds through two transactions on December 12 and December 16.

At the time of purchase, those bonds were trading at 91.75 cents and 92 cents on the dollar. Their value has since risen to about 95 cents on the dollar. If the bonds were retained, the position would currently be above the purchase level.

Investments Occurred During Merger Debate​

Trump began questioning the viability of the proposed merger shortly after it was announced on December 5. Speaking to reporters days later, he said the concentration of market power involved in the transaction could present problems.

During the same period, regulatory officials within his administration raised questions in the media about potential antitrust scrutiny related to the deal. There was also pressure directed toward Netflix regarding the presence of board member Susan Rice, a former adviser to former President Barack Obama.

Paramount Secures Warner Bros. Discovery Deal​

Paramount entered the contest publicly on December 8 with a hostile takeover bid. The company is led by the son of Larry Ellison, a Trump ally and major Republican donor.

Ellison personally guaranteed more than $40 billion for the acquisition, backed by his Oracle shareholdings. The competing bids eventually ended when Paramount secured the deal with an offer valued at $110 billion.

The acquisition will be financed in part through $39 billion in new debt arranged by Bank of America, Citigroup and Apollo, according to a February 27 announcement.

Trust Structure and Ethics Questions​

White House spokeswoman Anna Kelly said Trump’s assets are held in a trust managed by his children. She stated that there are no conflicts of interest related to the investments.

Unlike most executive branch officials, US presidents are exempt from federal conflict of interest laws that restrict investments in companies subject to government oversight.

The most recent disclosures from the US Office of Government Ethics were dated February 27 and were posted online last week.

Trump’s Broader Asset Portfolio​

Trump has previously reported assets exceeding $1 billion in financial disclosures. His holdings include investments across real estate, cryptocurrency ventures, golf clubs and licensing agreements.

The latest filings show that some of his investments involve companies that may be affected by policies and regulatory decisions overseen by his administration.