President Donald Trump quietly increased his exposure to the entertainment business just days after Netflix announced its blockbuster $83 billion acquisition of Warner Bros. Discovery, according to a newly released White House financial disclosure.
The disclosure, dated January 14 and released late Thursday, shows that Trump acquired corporate bonds issued by both Netflix and Warner Bros. Discovery in mid-December, with each position valued between $500,000 and $1 million. The purchases were made within days of the deal’s public announcement, though the filing does not list exact dollar amounts; instead, it provides ranges.
According to the disclosure, Trump purchased two tranches of Netflix bonds on December 12 and December 16, each valued between $250,001 and $500,000. Those bonds mature in November 2029. He made two similar bond purchases issued by Discovery Communications LLC, a subsidiary of Warner Bros. Discovery, on the same dates, with maturities extending to 2030.
The filing also shows Trump acquiring bonds from SiriusXM and dozens of other corporate issuers, as well as a large number of municipal bonds from states and cities across the U.S. In total, the transactions listed in the disclosure exceed $100 million in value.
Following a prior disclosure last year, the White House stated that Trump’s bond purchases were executed by an independent financial advisor, a clarification that is expected to apply here as well. The Hollywood Reporter has reached out to the White House for confirmation.
The timing of the bond purchases is notable, as the Netflix–Warner Bros. Discovery deal is still subject to regulatory approval and remains politically sensitive. Trump has publicly indicated that his administration would weigh in on the transaction, with the Department of Justice expected to play a central role in any antitrust review.
The situation is further complicated by David Ellison’s Paramount Skydance, which has launched a hostile tender offer to derail the Netflix deal and force a proxy fight.
Trump met with Netflix co-CEO Ted Sarandos shortly before the acquisition was announced, later describing him as “a fantastic man.” However, Trump also reposted an article critical of the merger titled “Stop the Netflix Cultural Takeover,” prompting questions about his stance.
Asked about the repost earlier this week, Sarandos downplayed its significance. “I don’t know why he would have done that,” he said. “No conversation we ever had was about any of the things that were in that article. I don’t want to overread it.”
While Trump’s investments are in debt rather than equity, the purchases underscore how closely politics, capital markets, and the entertainment industry have become intertwined, especially as one of the largest media mergers in history awaits regulatory judgment.
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