What's happened
Donald Trump purchased at least $1 million in bonds from Netflix and Warner Bros Discovery shortly after expressing interest in a merger between the two companies. The purchases occurred days after the $82.7 billion deal was announced, raising questions about potential conflicts of interest and regulatory scrutiny.
What's behind the headline?
The timing of Trump’s bond purchases suggests a strategic alignment with his public statements about the merger. His involvement in the regulatory process could create conflicts of interest, especially given his friendships with key figures like Larry Ellison and Ted Sarandos. The deal faces intense scrutiny from US, UK, and EU regulators, who are wary of monopolistic tendencies in the streaming and media industries. The political backdrop, including Trump’s vocal opposition to progressive programming and his influence over regulatory decisions, indicates that this story is as much about political influence as it is about corporate mergers. The outcome will likely hinge on regulatory approvals, which are expected to be challenging for Netflix’s bid, given the current antitrust climate. The story underscores the complex intersection of finance, politics, and media consolidation, with potential long-term impacts on competition and consumer choice.
What the papers say
The Guardian reports that Trump’s bond purchases occurred days after he publicly expressed interest in the merger, raising questions about potential conflicts of interest. The NY Post highlights the ongoing regulatory challenges faced by the proposed deals, emphasizing the importance of EU and UK approvals and the skepticism from regulators about Netflix’s market dominance. Both sources note Trump’s close ties to key industry figures and his expressed intent to be involved in regulatory decisions, which could influence the outcome of the mergers. The contrasting perspectives reveal a landscape where political influence, regulatory hurdles, and corporate strategies are deeply intertwined, with the potential for significant repercussions in the media industry.
How we got here
In December 2025, Netflix announced an $82.7 billion merger with Warner Bros Discovery (WBD). Trump publicly discussed involvement in the merger process, which coincided with his bond purchases. The deal faces opposition from US and European regulators, with concerns over monopoly power and antitrust issues. Trump’s financial disclosures show he bought significant bonds from multiple companies, including those involved in the media sector, amid ongoing debates about the deal's regulatory implications.
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Lawrence Joseph Ellison is an American business magnate, investor, and philanthropist who is a co-founder and the executive chairman and chief technology officer of Oracle Corporation.
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Netflix, Inc. is an American technology and media services provider and production company headquartered in Los Gatos, California. Netflix was founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California.
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Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
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Theodore Anthony Sarandos Jr. is an American businessman who serves as the co-chief executive officer and chief content officer for Netflix.
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Warner Bros. Discovery is an upcoming American multinational mass media and entertainment conglomerate. The company will be formed though the merger of WarnerMedia and Discovery, Inc., which is expected to be completed by mid-April 2022.
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David Ellison is an American film producer and the founder and CEO of Skydance Media.