WASHINGTON — Government ethics filings show President Donald Trump bought Netflix bonds in December and January as the streaming company battled Paramount Skydance over Warner Bros. Discovery, a takeover fight that ended with Paramount signing a deal to acquire the media company. The disclosures stand out because Trump publicly questioned whether Netflix’s Warner tie-up would survive antitrust scrutiny even as his trust was buying debt tied to Netflix and Warner Bros. Discovery, March 16, 2026.
Trump Netflix bonds emerge in ethics reports
An Office of Government Ethics periodic transaction report received Feb. 27 lists a Jan. 2 purchase of Netflix 5.375% notes due Nov. 15, 2029, in the $500,001-to-$1 million range, plus a Jan. 20 purchase of the same notes in the $100,001-to-$250,000 range. In a March 9 review of the disclosures, Reuters reported that earlier filings also showed Netflix bond purchases on Dec. 12 and Dec. 16, lifting Trump’s disclosed Netflix buying above $1.1 million. Reuters said two December purchases of Warner Bros. Discovery bonds totaled between $500,002 and $1 million.
The filings do not show whether Trump still holds the bonds or whether he made money on them. Reuters reported the White House said Trump’s assets are held in a trust managed by his children and that there were no conflicts of interest; presidents are exempt from the conflict-of-interest rules that apply to other executive branch officials.
Paramount turns a superior proposal into a signed deal
Warner Bros. Discovery said Feb. 26 that Paramount’s revised $31-a-share cash bid qualified as a “Company Superior Proposal”. WBD said the package also included a $7 billion regulatory termination fee and coverage of the $2.8 billion termination fee owed to Netflix, a structure that helped push the contest to its endgame. Hours later, Netflix said it would not raise its offer, arguing that matching Paramount’s terms was no longer financially attractive.
The next day, Paramount announced a definitive merger agreement to acquire Warner Bros. Discovery for $31 a share in cash, with the companies targeting a closing in the third quarter of 2026, subject to shareholder approval and regulatory clearances. Paramount also said Warner Bros. Discovery shareholders would receive a 25-cent-per-share quarterly ticking fee if the transaction is still pending after Sept. 30.
How the monthslong fight got here
For continuity, Reuters first reported Netflix’s Dec. 5 agreement to buy Warner Bros. Discovery’s studios and streaming unit for $72 billion. Three days later, Reuters reported Paramount’s Dec. 8 hostile $108.4 billion counterbid, turning the transaction into a prolonged contest over cash value, financing strength and regulatory odds.
Paramount now has the signed agreement, Netflix has exited, and Trump’s disclosures have added another layer of scrutiny to a media merger that still awaits regulators and Warner Bros. Discovery shareholders.
