Hollywood
Trump invested over $1.1m in Netflix bonds at the peak of Warner Bros bidding battle
Financial disclosures show U.S. president also bought Warner Bros Discovery debt during high-stakes media takeover race.
WASHINGTON: New government financial disclosures show that U.S. president Donald Trump purchased more than $1.1 million worth of bonds issued by Netflix over the past three months. The transactions occurred during a period when Netflix was engaged in a competitive bidding war for Warner Bros. Discovery, a potential merger that the Trump administration had publicly criticised on antitrust grounds.
Between December and January, the president acquired Netflix bonds valued between $1.1 million and $2.25 million. The bonds carry a 5.375 per cent interest rate and are scheduled to mature in November 2029. Financial disclosures also revealed an additional investment in Warner Bros Discovery bonds. The purchase was valued between $500,002 and $1 million, with the debt reportedly bought at roughly 92 cents on the dollar. The bonds are now trading at around 95 cents on the dollar, leaving the position currently in profit.
The timing of the investments has drawn scrutiny because the administration had been openly critical of Netflix’s market activities at the time. While the president’s trust was purchasing the debt, the administration reportedly pressured Netflix to remove board member Susan Rice and expressed concerns that a Netflix–Warner merger could harm competition.
The White House has dismissed conflict-of-interest concerns, stating that the president’s assets are managed independently by his children. Spokesperson Anna Kelly said U.S. presidents are legally exempt from the conflict-of-interest laws that apply to other federal officials.
Despite the financial interest, Netflix ultimately lost the race to acquire Warner Bros Discovery. Paramount Skydance secured the deal on 27 February with a $110 billion offer. The acquisition was backed by Larry Ellison, who guaranteed $40 billion to support the bid, while major lenders including Bank of America, Citigroup and Apollo Global Management provided $39 billion in financing.
The final acquisition leaves the combined Paramount entity carrying roughly $85 billion in debt, while Netflix withdrew its bid roughly two weeks before the official disclosure report was released.
Hollywood
Paramount eyes $24bn Gulf support to fund Warner Bros Discovery merger: Reports
Sovereign funds line up funding as media giants chase streaming scale
NEW YORK: Paramount Skydance is in talks to secure nearly $24 billion in equity commitments from Gulf sovereign wealth funds to support its planned takeover of Warner Bros. Discovery, according to a WSJ report.
The funding push comes as Paramount Skydance advances its proposed $110 billion deal for Warner Bros. Discovery, which carries an equity valuation of $81 billion and is expected to close in the third quarter of 2026.
At the heart of the financing plan are three major Gulf investors. Saudi Arabia’s Public Investment Fund is expected to contribute roughly $10 billion, while the Qatar Investment Authority and Abu Dhabi-based L’imad Holding are likely to make up the remainder.
Crucially, the proposed investments are structured as non-voting stakes. This means the Gulf backers would not have direct control in the combined entity, a move designed to ease regulatory concerns in the United States. Paramount executives reportedly do not expect the deal to trigger scrutiny from bodies such as the Committee on Foreign Investment in the United States or the Federal Communications Commission.
If completed, the merger would bring together a formidable portfolio of entertainment and news assets, including CNN and CBS. The combined entity aims to better compete in a fast-evolving media landscape where streaming platforms are steadily pulling audiences away from traditional television.
The deal reflects a broader shift in global media, where scale is increasingly seen as essential to survive the streaming wars. By pooling content libraries, technology and distribution, Paramount Skydance and Warner Bros. Discovery are betting on size and synergy to drive future growth.
The involvement of deep-pocketed Gulf investors also underscores the growing role of sovereign wealth in shaping global media consolidation, particularly at a time when high-value deals demand equally large financial backing.
With shareholder votes and regulatory milestones still ahead, the proposed tie-up remains one of the most closely watched media deals of the year. If it clears the final hurdles, it could redraw the competitive map of the global entertainment industry.
