President Donald Trump purchased more than $1.1 million in Netflix bonds during the height of a high-stakes Hollywood merger battle, according to newly released filings from the U.S. Office of Government Ethics, even as he publicly questioned the streaming company's growing market power and pressured its leadership over board membership.
The disclosures show that Trump's family trust acquired the debt securities in two transactions between December and January, when Netflix was competing with Paramount Skydance for control of Warner Bros Discovery in a deal that reshaped the global media industry.
The timing has drawn scrutiny from ethics analysts because Trump simultaneously issued public statements suggesting the proposed consolidation between Netflix and Warner Bros Discovery could face regulatory resistance.
According to the filings, Trump's investments included purchases of Netflix bonds paying 5.375% interest and maturing in November 2029.
The transactions detailed in the disclosure included:
- More than $500,000 in Netflix bonds purchased in December
- An additional $600,000 in Netflix bonds acquired in January
At the time of purchase, the securities were trading at roughly $1.03 per dollar of face value. Market data cited in the filings shows the bonds later traded at $1.04 on Feb. 26, the day before Netflix withdrew from the Warner Bros acquisition contest, before returning to approximately $1.03.
Trump's trust also purchased up to $1 million in Warner Bros Discovery bonds during the same period, according to the disclosures.
Those securities were acquired at prices between $0.91 and $0.92 per dollar and have since risen to roughly $0.95, suggesting the investment could be profitable if the bonds remain in the portfolio.
The purchases occurred during a turbulent period for the media industry as companies raced to consolidate streaming assets and compete for global subscribers.
At the same time the bond purchases were being executed, Trump publicly criticized Netflix and its corporate governance.
Using his Truth Social platform, Trump demanded that Netflix remove board member Susan Rice, a former adviser to President Barack Obama, and warned the company of potential "consequences" if it did not act.
The president also raised concerns that a potential Netflix-Warner Bros Discovery merger might present antitrust problems.
Meanwhile, the competing bidder ultimately prevailed.
Paramount Skydance, led by David Ellison, secured a $110 billion acquisition agreement for Warner Bros Discovery after Netflix withdrew its bid in late February.
Ellison, the son of Oracle founder Larry Ellison, reportedly personally guaranteed more than $40 billion in financing for the deal using shares of Oracle stock.
The White House has dismissed any suggestion that Trump's investments present a conflict of interest.
White House spokeswoman Anna Kelly said: "President Trump's assets are in a trust managed by his children. There are no conflicts of interest."
Unlike other federal officials, the president is largely exempt from many statutory conflict-of-interest restrictions that apply to executive branch employees.
Critics argue, however, that presidential influence over regulatory agencies-including the Department of Justice, which reviews major corporate mergers-can create ethical questions when financial investments overlap with industries subject to government scrutiny.
The Netflix bond purchases represent only a small portion of Trump's broader financial portfolio.
According to a 2025 ethics report, Trump's Trump Endeavor 12 LLC, which oversees several golf properties in Miami, generated roughly $110 million in revenue in recent filings.
Another major income source remains the Mar-a-Lago Club in Florida, which generated more than $50 million in resort-related income.
The ethics disclosure also indicates that Trump's holdings extend across more than 1,100 companies in sectors ranging from artificial intelligence and semiconductors to cryptocurrency exchanges.
