Trump bought Netflix and Warner Bros bonds at height of bidding war with Paramount

By Trevor Hunnicutt and Matt Tracy

WASHINGTON, March 9 (Reuters) - U.S. President Donald Trump bought much than $1.1 cardinal of Netflix bonds implicit the past 3 months arsenic the streaming elephantine unsuccessfully fought Paramount Skydance to bargain Warner Bros Discovery, according to ‌government disclosures.

Trump bought much than $500,000 of Netflix's bonds successful 2 transactions connected December 12 and December 16 and different much than $600,000 ‌across 2 much trades connected January 2 and 20, the disclosures show. The White House disclosed a range, alternatively than nonstop amounts, of betwixt conscionable implicit $1.1 cardinal and $2.25 million.

The purchases ​came arsenic the Republican president and his regulatory officials talked Netflix down successful the press, calling into question whether the woody would withstand antitrust scrutiny and pressuring Netflix to occurrence committee subordinate Susan Rice, a onetime adjutant to Democratic erstwhile President Barack Obama.

It's unclear whether helium made oregon mislaid wealth connected Netflix's bonds, which paid an involvement complaint of 5.375% and are owed successful November 2029, since the filing doesn't disclose if oregon erstwhile helium sold ‌the bonds.

Trump, similar different U.S. presidents, is exempt ⁠from conflict-of-interest laws that prohibit different enforcement subdivision officials from investing successful companies with concern earlier the government. He is believed to person bought the bonds done a spot managed by his kids.

"President Trump’s assets are successful a ⁠trust managed by his children," said White House spokeswoman Anna Kelly. "There are nary conflicts of interest."

The deal, which would person near the combined institution with astir $85 cardinal successful debt, instantly enactment unit connected Netflix's bonds. They were trading astatine $1.03 and $1.04 connected the dollar erstwhile helium bought them connected December 12 and 16 and ​at $1.04 ​and $1.03 connected the dollar for his 2nd circular of purchases connected January 2 and ​20, according to information compiled by LSEG.

They were precocious ‌trading astatine $1.04 connected the dollar connected February 26, the time earlier Netflix withdrew its bid for Warner Bros, but person since moved backmost to $1.03 connected the dollar arsenic of Friday.

Trump besides purchased betwixt $500,002 and $1 cardinal successful Warner Bros bonds successful 2 trades connected December 12 and December 16 that were trading astatine 91.75 cents and 92 cents connected the dollar erstwhile they were purchased and are present worthy 95 cents connected each dollar. If helium held connected to those bonds, they would beryllium successful the wealth now.

Trump started calling into question the viability of the merger with ‌Netflix days aft it was announced connected December 5, telling reporters the attraction of ​market powerfulness "could beryllium a problem."