- Disclosures show Donald Trump bought about $1 million to $2 million in Netflix and Warner Bros. Discovery corporate bonds in mid-December 2025, days after their merger announcement.
- The Dec. 5, 2025 deal would have Netflix acquire WBD’s studios and HBO streaming assets in an $82.7 billion enterprise-value transaction while spinning off WBD’s Global Networks.
- Trump has publicly raised antitrust and media-power concerns about the merger, even suggesting he could be involved in its review.
- The White House says independent third-party managers executed the trades, but the timing has prompted conflict-of-interest and ethics scrutiny.
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In early December 2025, Netflix and Warner Bros. Discovery entered into a definitive merger agreement in which Netflix will acquire WBD’s film and television studios, HBO Max, and HBO in a transaction valued at approximately $82.7 billion enterprise value (equity value $72 billion). The deal excludes WBD’s Global Networks division (linears like CNN and Discovery), which is to be spun off as a separate publicly traded entity by Q3 2026.
Shortly after the merger announcement, financial disclosures show that Donald Trump purchased between $250,001 and $500,000 in each of Netflix and WBD bonds on December 12 and December 16, totaling upwards of $1 million for both companies combined. These purchases were part of larger investment activity disclosed in filings that included around 191 bond trades around the same period.
Trump has also publicly expressed concern about the Netflix-WBD merger, including possible antitrust issues and broader media influence. Some of his statements suggest he expects to be “involved” in reviewing the merger. The White House’s disclosure claims these bond investments are managed by independent, third-party financial managers and that Trump does not have control over the trade decisions.
From a regulatory and governance standpoint, these facts converge to raise potential conflict-of-interest and ethical concerns. The timing—bond purchases days after announcement—and Biden-era ethical standards generally demand transparency about whether executive branch officials stand to gain financially when regulatory power overlaps with personal financial exposure. Courts and watchdogs may test whether the purchases violate insider trading rules (if non-public material information was used), or ethics laws (if regulatory authority was used to benefit personal investments). Public perceptions of unfair access or favoritism may also intensify given the high political salience of large media mergers.
Strategically, the merger’s structure and timing are critical. Netflix’s offer, as approved by WBD’s board, is preferred over a competing hostile bid from Paramount Skydance. Regulatory approvals—especially antitrust and competition reviews—are expected to take 12 to 18 months, running into late 2026. Against this backdrop, any financial activity by executive branch actors touching on related assets may intensify scrutiny or even trigger recusal or oversight actions.
Supporting Notes
- Netflix/WBD merger agreement was announced December 5, 2025, valuing the transaction at $82.7 billion enterprise value ($72 billion equity), excluding Global Networks division.
- Trump purchased Netflix bonds between $250,001 and $500,000 on December 12 and December 16, 2025; similarly for WBD bonds on those dates; total bond investment likely between $1 million and $2 million.
- Trump disclosed roughly 191 bond buy/sell transactions over mid-November to late December 2025; bond portfolio includes Netflix, WBD, along with others.
- Trump has publicly expressed concern over Netflix’s market dominance and said he would be involved in regulatory review of the merger; these statements coincide with the bond purchases.
- The White House claims these bond purchases were managed independently by third-party financial institutions and that Trump himself does not influence trade decisions.
- The merger is expected to close 12-18 months after December 5, 2025, likely in late 2026, pending regulatory approval and shareholder votes.