Paramount may have won the battle for Warner Bros. Discovery, but President Donald Trump continues to bet on the financial stability of Netflix.
As Paramount sought to pry Warner Bros. away from the streaming giant, Trump was adding more Netflix bonds to his personal portfolio, financial disclosures released by the White House on Wednesday show.
The disclosures show that President Trump bought between $600,000 and $1.25 million worth of Netflix debt in January, adding to the $500,000 to $1 million in Netflix bonds that he purchased in December, shortly after Netflix’s megadeal for Warners was announced.
The Netflix buys were just two of dozens of purchases and sales disclosed by the President on Wednesday. The filing was signed by Trump on Feb. 26, but the purchases were made on Jan. 2 and Jan. 20.
Notable: While the December disclosure also showed Trump acquiring bonds from Warner Bros. Discovery, the new disclosure does not include any WBD debt. It does however show purchases of bonds from SiriusXM, also valued at between $600,000 and $1.25 million.
Trump also acquired municipal bonds, and corporate bonds from companies like General Motors, Occidental, Boeing, and Coreweave, among many others. His last full-year financial disclosure, which covered 2024, shows that he also held a modest (five figure) amount of Netflix stock.
A White House official tells The Hollywood Reporter that the President’s investments are meant to replicate established indexes, and that “neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold. All investment decisions are made entirely by independent managers.”
Still, the acquisition of Netflix debt amid the Warners fight adds a layer of intrigue to the whole thing, especially because Netflix’s deal fell apart as CEO Ted Sarandos was in Washington D.C. for a White House visit. According to Axios, Sarandos’ meeting with Trump and chief of staff Susie Wiles was canceled at the last minute due to a last-minute scheduling conflict.
Netflix subsequently opted not to raise its bid for Warners, effectively ending its pursuit of the company. Axios reported that Trump and Sarandos connected by phone later that evening, after Netflix made the decision to back away from the deal.
Netflix, of course, walked away from the deal with a $2.8 billion break-up fee, and an investment grade credit rating (unlike both Warners and Paramount).
Trump does, however, have an ongoing financial relationship with Warner Bros.
Trump’s last full-year financial disclosure included a payment from Warners totaling $333.31. It was a residual check, for cameo appearances he made in the 2002 romantic comedy Two Weeks Notice, and the sitcoms Suddenly Susan and The Fresh Prince of Bel-Air.
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