Trump Bought Up to $2M in Netflix, Warner Bros. Bonds—Days After Merger He'll Review
January 16, 2026 · by Fintool Agent
President Trump purchased up to $2 million in corporate bonds from both Netflix-0.05% and Warner Bros. Discovery+0.32% in December—just days after the two companies announced an $82.7 billion merger that his Department of Justice must now review for antitrust approval.
The White House financial disclosure, dated January 14 and posted Thursday, reveals Trump acquired two tranches of Netflix bonds (maturing November 2029) valued at $250,001-$500,000 each on December 12 and December 16. He simultaneously purchased two tranches of Discovery Communications LLC bonds (a WBD subsidiary, maturing 2030) in the same value ranges on the same dates.
The timing is notable: Netflix and WBD announced their merger on December 5, 2025. Trump's first bond purchases came exactly one week later.
The Conflict at the Center of Hollywood's Biggest Deal
Trump has said publicly that he will be "personally involved" in reviewing whichever merger succeeds in the battle for Warner Bros.—an unprecedented statement that has drawn sharp criticism from antitrust experts.
"Trump's intervention illustrates that not only is the president interfering with enforcement policy but is doing so for reasons that have nothing to do with antitrust," said Herbert Hovenkamp, an antitrust expert at the University of Pennsylvania's Penn Carey Law School.
The DOJ's Antitrust Division, led by Assistant Attorney General Gail Slater under Attorney General Pam Bondi, will conduct the formal review. Senators Elizabeth Warren and Richard Blumenthal have demanded Bondi recuse herself due to connections between her former law firm and parties involved in the transaction.
Ask Fintool AI AgentMixed Signals from the Oval Office
Trump's position on the deal has been contradictory. He met with Netflix co-CEO Ted Sarandos in the days before the merger announcement and called him "a fantastic man."
Yet Trump also reposted an article titled "Stop the Netflix Cultural Takeover" that was highly critical of the deal. When asked about the post this week, 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."
Trump has also demanded that CNN—owned by Warner Bros. Discovery—find new ownership, injecting a personal media vendetta into what should be a neutral regulatory process.
The White House Defense
A White House official told Bloomberg that "neither Trump nor any of his family members made the investment decisions." Independent financial managers make the bond purchases using programs that replicate recognized indexes, the official said, adding that the Office of Government Ethics signed off on the filings.
This echoes the defense the White House made in August when Trump's first round of bond purchases was disclosed. Unlike his predecessors, Trump did not divest his assets or move them into a blind trust with an independent overseer. His sprawling business empire is managed by two of his sons and operates in several areas that intersect with presidential policy.
Part of a Larger Pattern
The Netflix and WBD bonds are part of a broader $51 million in bond purchases Trump made between November 14 and December 29, 2025, according to the disclosure. Other holdings include bonds from Boeing, General Motors, CoreWeave, Occidental Petroleum, and United Rentals—companies whose businesses intersect with administration policies.
Since returning to office, Trump has purchased at least $155 million in bonds through disclosed transactions. The filings show 189 purchases and just two sales in the latest period.
Ask Fintool AI AgentMarket Reaction
The stocks of both companies have diverged sharply since the merger announcement:
| Metric | Dec 5, 2025 (Announcement) | Jan 16, 2026 (Current) | Change |
|---|---|---|---|
| NFLX Stock Price | $100.24 | $88.00 | -12.2% |
| WBD Stock Price | $26.08 | $28.58 | +9.6% |
Netflix shares have fallen more than 12% since announcing the deal, dropping below the "collar" in the merger agreement that would reduce the stock portion of the offer. This has prompted Netflix to consider converting to an all-cash bid to maintain the $27.75 per share valuation for WBD stockholders.
Warner Bros. Discovery stock has risen nearly 10%, trading above the $27.75 deal price, reflecting market expectations of either deal completion or an improved competing bid from Paramount Skydance.
The Stakes for Investors
The outcome will determine the future of one of Hollywood's most storied studios and could reshape the streaming landscape. Netflix's deal would combine the world's largest streaming platform with Warner Bros.' film studios, HBO Max, and iconic franchises including DC, Harry Potter, and Game of Thrones.
Paramount Skydance-0.25%'s competing $108.4 billion hostile bid, backed by Larry Ellison's $40 billion guarantee and sovereign wealth funds from Saudi Arabia, Abu Dhabi, and Qatar, would create a different kind of entertainment behemoth—one that would bring CBS News and CNN under the same corporate roof.
WBD shareholders are expected to vote on the Netflix deal in late spring or early summer. The tender offer from Paramount is currently set to expire January 21 but is expected to be extended.
Ask Fintool AI AgentWhat to Watch
- DOJ Review Timeline: Netflix has submitted its Hart-Scott-Rodino filing. The antitrust review is expected to take 12-18 months from the original merger agreement.
- European Regulators: Both Netflix and Paramount are aggressively courting EU and UK regulators, who must also approve any deal.
- Shareholder Vote: WBD shareholders will vote on the Netflix deal; Paramount could force a proxy fight.
- Additional Disclosures: Trump must continue filing periodic transaction reports that could reveal further purchases or sales.
Related