[INDUSTRY ANALYSIS]Trump's 'Silent Bet' on Netflix and WBD Bonds Shakes $100 Billion Acquisition Battle

White House Disclosure Reveals Up to $2M in Bond Purchases Days After Megadeal; EU-Hollywood 'Triangular Power Game' Intensifies

K-EnterTech Hub Industry Analysis Team | January 16, 2026

President Donald Trump acquired corporate bonds issued by Netflix and Warner Bros. Discovery valued as high as $1 million each, just days after Netflix announced its blockbuster $83 billion deal for Warner Bros., according to a financial disclosure released by the White House. The emergence of the regulatory approval authority holder as a 'stakeholder' amplifies uncertainty around Hollywood's largest-ever M&A, colliding with Paramount Skydance's $108.4 billion hostile bid and European theater industry's warning to the EU.

White House Disclosure Reveals 'Silent Bet'

According to The Hollywood Reporter, President Donald Trump may or may not be able to buy Greenland, but he can definitely buy some exposure to the entertainment business.

A financial disclosure released by the White House late Thursday showed that Trump acquired corporate bonds issued by Netflix and Warner Bros. Discovery, valued as high as $1 million each.

The disclosure, dated January 14, lists dozens of transactions with a total value well over $100 million, including the acquired debt from the entertainment companies. The document does not list the precise value of each purchase, instead offering a range.

▶ Trump's Entertainment Bond Purchases

Issuer	Purchase Date	Value Range	Maturity
Netflix	Dec. 12, 2025	$250,001-$500,000	Nov. 2029
Netflix	Dec. 16, 2025	$250,001-$500,000	Nov. 2029
Discovery Comm. (WBD)	Dec. 12, 2025	$250,001-$500,000	2030
Discovery Comm. (WBD)	Dec. 16, 2025	$250,001-$500,000	2030
Estimated Total (Entertainment)		Up to $2 Million

Trump also acquired a similar number of corporate bonds issued by SiriusXM, the filing shows, alongside dozens of other purchases. Most of the bonds he acquired in December were municipal bonds from states and cities across the country, but it also included many corporate bonds from major U.S. companies, including General Motors, Boeing, Macy's and Victoria's Secret.

Timing and Conflict of Interest Concerns

The timing raises questions. The purchase of the Netflix and WBD debt securities began just a week after the two companies inked their megadeal, though David Ellison's Paramount is trying to pry WBD away from Netflix with a hostile tender offer, and a potential proxy fight.

Of course, any deal will need to be approved by U.S. regulators, and Trump has said publicly that he expects to weigh in on it, with his Department of Justice expected to take the lead on challenging a merger. The fact that the regulatory approval authority holder now owns bonds in the companies subject to approval could raise potential conflict of interest concerns.

After a previous financial disclosure was released last August, the White House told media outlets that bond purchases were made by an independent financial advisor, so that is likely the case for the new purchases as well. The Hollywood Reporter has reached out to the White House to ask for clarification.

Ted Sarandos

Trump-Sarandos Relationship and Truth Social Post

Trump met with Netflix co-CEO Ted Sarandos in the days leading up to the deal, and the two hit it off, with Trump calling him "a fantastic man." That being said, Trump also reposted an article that was highly critical of the Netflix-WBD deal titled "Stop the Netflix Cultural Takeover."

When asked about the post this week, Sarandos said, "I don't know why he would have done that … No conversation we ever had was about any of the things that were in that article that he posted. I don't want to overread it, either."

The $100 Billion War: Two Giants in Head-to-Head Collision

The battle for WBD has escalated beyond a simple corporate acquisition into a generational showdown that will determine Hollywood's future landscape. Netflix holds a 'signed deal' worth $83 billion with WBD board support, while Paramount Skydance, led by David Ellison, is countering with a $108.4 billion all-cash hostile bid.

▶ Bid Comparison

Category	Paramount Skydance	Netflix
Deal Value	$108.4 Billion	$83 Billion
Per Share	$30 (All Cash)	$27.75 (Stock + Cash)
Deal Type	Hostile Tender Offer	Board-Approved (Signed)
Theatrical Window	Respect Local Regulations	45-Day Window Commitment

On January 16 alone, simultaneous offensives unfolded on three fronts. Ellison met with President Macron at the Élysée Palace in Paris; Sarandos in New Jersey declared "45-day windows. I'm giving you a hard number" to reassure theater owners; and European theater chains delivered an aggressive message to the EU in Brussels that "both deals pose a threat."

European Theaters: "Whoever Wins, We Lose"

According to Bloomberg, the Union Internationale des Cinémas (UNIC) held a private meeting with EU competition officials in Brussels, warning that both Netflix's and Paramount Skydance's bids for WBD threaten the theater industry. Major European theater chains including AMC (Odeon), Kinepolis, Cineworld, Pathé, and UGC participated in the meeting.

Laura Houlgatte, CEO of UNIC, stated that the theater industry is "opposed to any deal that would lead to a loss of a significant proportion of future titles." UNIC submitted data to regulators showing that WBD increased its European market share through 2025 hits including 'A Minecraft Movie,' 'Final Destination: Bloodlines,' and 'Sinners.'

Ellison Declares 'Cultural War' at Élysée Palace

Variety reported that Ellison met with President Macron and Culture Minister Rachida Dati at the Élysée Palace on January 15 in Paris. Key figures from the French film industry attended, including CNC President Gaetan Bruel, Gaumont CEO Sidonie Dumas, and FNCF President Richard Patry.

An attendee told Variety that "Ellison explained he would stake everything on maintaining both studio systems, respecting each country's media chronology including France's Chronologie des Médias, and maintaining high-level production." France's 'Chronologie des Médias' legally regulates when content can be released on platforms after theatrical release—Netflix can only service content 15 months (approximately 450 days) after theatrical release.

Sarandos: "45-Day Windows. I'm Giving You a Hard Number"

The New York Times published an in-depth interview with Netflix co-CEO Ted Sarandos on January 16. Conducted at the groundbreaking ceremony for a new production facility in Oceanport, New Jersey, Sarandos directly addressed the theater industry's concerns.

Ted Sarandos NYT Interview: Key Quotes

On Theatrical Windows: "We're going to run that business pretty much the same as it runs today with 45-day windows. I'm giving you a hard number. We're going to be in the theatrical business, and we're competitive people—we want to win. I want to win opening weekend."

On Paramount Comparison: "Look at the Paramount side—between the $3 billion they've already cut and the $6 billion they're proposing, those are real jobs. That's cutting production. That endless pursuit of profit by cutting people and cutting jobs and making fewer movies—that is the opposite of our intention. We need all those movies. We need all those TV shows."

On Theatrical Economics: "The general economics of the theatrical business were more positive than we had seen and modeled for ourselves. It's a healthy and profitable business for them. We weren't in that business not because we hated it. We weren't in that business because our business was doing so well."

On Trump's Truth Social Post: "I don't know why he would have done that … No conversation we ever had was about any of the things that were in that article that he posted. I don't want to overread it, either."

On Reed Hastings: "Reed's more in build vs. buy mode. Overall, he's not an enthusiast of these kinds of deals, but he's been very supportive."

On Jack Warner's Desk: "(Is this all about the desk?) It's mostly for the desk." (laughs)

When asked about the 'outmoded' comment about theaters, Sarandos clarified: "You have to go back and listen to that quote. I said 'outmoded for some.' In the town where 'Sinners' is set, there are no movie theaters. It's clearly outmoded for those people... But my daughter lives in Manhattan. She can walk to six different multiplexes, and she goes to the movies twice a week. It's not outmoded at all for her."

Regulatory Review the Decisive Battlefield... 'Trump Variable' Creates Maximum Uncertainty

According to Variety, a Delaware Chancery Court judge rejected Paramount Skydance's request for fast-track proceedings. With Paramount Skydance's self-imposed January 21 deadline approaching, the Ellison camp appears to be focusing on battles outside the courtroom.

In the EU, briefings with executives from both sides have begun as groundwork for formal antitrust review. The final battleground will be the regulatory review results from U.S. and European authorities. However, the biggest uncertainty remains what role President Trump—who now holds bonds in the acquisition target companies—will play.

Trump has shown ambivalent behavior—calling Sarandos "a fantastic man" after meeting him before the deal announcement, while also sharing an article on Truth Social titled "Stop the Netflix Cultural Takeover." The disclosure of his bond purchases has made this 'Trump variable' even more complex. ■

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Sources

• The Hollywood Reporter, "Trump Bought Netflix and Warner Bros. Discovery Bonds In Days After Megadeal Was Announced," Alex Weprin, January 16, 2026

• Bloomberg, "Warner Bros. Bids Threaten Movie Theater Industry, EU Warned," Samuel Stolton, January 16, 2026

• Variety, "David Ellison Embarks on European Lobbying Trek to Rally Support for His Hostile Bid for Warner Bros. Discovery," Elsa Keslassy, January 16, 2026

• The New York Times, "Ted Sarandos Says Critics Just Misunderstand Netflix," Nicole Sperling, January 16, 2026