U.S. President Donald Trump purchased corporate bonds issued by Netflix and Warner Bros. Discovery worth up to $2 million in the weeks following the companies’ blockbuster merger announcement in December, according to U.S. financial disclosures. The timing — arriving days after Netflix prevailed in a fierce bidding war — has sharpened scrutiny of potential conflicts of interest as Trump continues to expand a bond portfolio that has already exceeded $80 million while in office.
A High-Stakes Media Deal, Followed by Presidential Purchases
The bond purchases came shortly after December 5, 2025, when Netflix announced an agreement to acquire Warner Bros. Discovery’s studios and streaming division. The deal values Warner Bros. Discovery at an $82.7 billion enterprise value, or $27.75 per share, capping a heated contest that included a hostile counterbid from Paramount Skydance valuing the company at $108.4 billion.
Within days of that announcement, Trump disclosed buying debt securities from both Netflix and Warner Bros. Discovery. One disclosure noted: “US President Donald Trump purchased up to $2 million in Netflix and Warner Brothers Discovery Bonds in the weeks after the companies announced their planned merger.”
An $82 Million Bond Portfolio Built in Office
The purchases form part of a broader pattern. Between late August and early October 2025, Trump reported at least $82 million in bond investments, spanning municipal and corporate debt. The latest acquisitions add to a portfolio that has expanded even as his administration oversees regulatory decisions affecting large U.S. corporations.
According to the disclosures, the holdings are managed independently by third-party financial institutions, with no direct input from the president or his family. Another filing states: “These bond purchases expand Trump’s investment portfolio while he remains in office. And some of the holdings… investments are managed independently by third party financial institutions with no input from the president or his family.”
Questions of Timing and Influence
Critics argue that the proximity of the bond purchases to the merger announcement raises uncomfortable questions. As one disclosure cautioned, “Trump’s bond purchases came amid this unfolding corporate battle, raising questions about timing and potential insight.” Others went further, warning: “Critics point to his position in the White House as a clear conflict of interest.”
The scrutiny intensified amid reports that Jared Kushner, Trump’s son-in-law, had been briefly linked to financing efforts connected to the Paramount bid before withdrawing. While no evidence has emerged of direct coordination, the overlap of political power, family ties, and high-value media assets has drawn attention from U.S. lawmakers.
Congressional Oversight and Industry Concerns
The merger has already landed under the gaze of the U.S. House Judiciary Committee, which has held hearings on competition in streaming, market concentration, and the implications for free speech. Netflix executives have moved quickly to outline post-acquisition plans, including a 45-day theatrical window for Warner Bros. films, confirmed by co-CEO Ted Sarandos during January earnings discussions.
Industry observers liken the episode to buying government bonds during a rate pivot: legal on paper, but politically sensitive when the buyer writes the rules. The White House maintains that the investments comply with disclosure requirements and ethical guidelines.
Little Direct Impact for Malta and Europe — For Now
For Malta and the wider European market, the developments remain largely indirect. The bond purchases are governed entirely by U.S. law, with no reported implications for European regulators or financial institutions. Maltese Netflix subscribers — and the island hosts thousands — could eventually see changes to content libraries or pricing as the merged entity reshapes its global strategy, but no concrete adjustments have been announced.
As with many Wall Street manoeuvres tied to Washington, the immediate effects are felt in boardrooms rather than living rooms. Yet the episode underscores how tightly intertwined political power and global media capital have become, with decisions made in New York and Washington echoing — however faintly — across markets from Valletta to Manila.
A Continuing Test of Transparency
The latest disclosures ensure the debate will continue. While the administration emphasises the arm’s-length management of the investments, the scale and timing of the bond purchases keep them in the public eye. As one statement put it succinctly: “Netflix has bid $82.7 billion for Warner Bros. Discovery, only to be countered by a hostile $108 billion takeover bid from Paramount Skydance.”
In that volatile landscape, even routine financial moves by a sitting president carry outsize significance — a reminder that, in the age of mega-mergers and streaming empires, money and power are never far apart.
