Ethics Forms Reveal Trump Purchased Media Bonds During Merger Review

2026-01-17 politics

Washington D.C., Saturday, 17 January 2026.
New disclosures reveal Trump purchased up to $2 million in Netflix and Warner bonds days after their merger news, despite simultaneously asserting he would personally oversee the deal’s regulatory review.

Timing of Transactions Raises Ethics Questions

Financial disclosure forms released by the White House on Thursday reveal that President Trump acquired debt securities from both media giants in mid-December [2][7]. Specifically, the President purchased Netflix bonds valued between $250,001 and $500,000 on December 12, followed by a second purchase in the same range on December 16 [1][8]. Mirroring these transactions, he also acquired Discovery Communications bonds—a subsidiary of Warner Bros. Discovery—valued between $250,001 and $500,000 on those identical dates [3][8]. These acquisitions occurred just one week after the companies announced their merger on December 5, 2025 [3][8]. The total value of these specific media bond purchases is estimated to be up to $2 million [1][4].

Regulatory Oversight and Mixed Signals

The timing of these investments is particularly notable given the President’s public assertions regarding the regulatory future of the media landscape. Trump has explicitly stated that he intends to be involved in the regulatory review of the transaction, noting that the combined market share of Netflix, Warner Bros., and HBO Max “could be a problem” [3]. While he has praised Netflix co-CEO Ted Sarandos as “a fantastic man” following a meeting at the White House in December, he simultaneously reposted an article critical of the merger, labeling it a “cultural takeover” [2][8]. Sarandos recently responded to the mixed messages, stating that the critical post did not reflect their private conversations [8].

A Broader Investment Strategy

The media bonds were part of a much larger flurry of financial activity for the President. Between mid-November and late December, President Trump purchased approximately $100 million in municipal and corporate bonds [4]. Beyond the entertainment sector, this purchasing spree included debt securities from major American corporations such as Boeing, General Motors, and Macy’s [4][7]. These investments were disclosed alongside the media bonds in the filings released on January 15 and 16 [4].

Sources

Financial Ethics Media Bonds