President Donald Trump openly discussed the potential merger between Netflix Inc (NASDAQ:NFLX) and Warner Bros. Discovery (NASDAQ:WBD) for months. It turns out his personal investment portfolio held positions in Netflix bonds, which may have been at risk had the streamer won its bid for Warner Bros.

Trump Buys Netflix Bonds

Benzinga previously reported that Trump bought Netflix and Warner Bros. Discovery bonds in December and November, a fact that came to light with financial disclosures in January.

Two months later, new financial disclosures show that the president's personal investment account added more Netflix bonds in the month of January.

According to a report from Variety, the purchases were for bonds totaling $500,000 to $1 million on Jan. 2, and $100,000 to $250,000 on Jan. 20.

Together, the bond purchases total $600,000 to $1.25 million.

These come in addition to the $500,000 plus in bonds for Netflix and Warner Bros. Discovery previously bought by Trump's account.

Variety reports that the White House stated Trump's personal investment portfolio is independently managed. The White House said a third-party financial company manages the account and that Trump and his family members do not have the ability to "provide input regarding how the portfolio is invested or when investments are bought or sold."

"All investment decisions are made entirely by independent managers," the White House said, as reported  by Variety.

Trump's History With Netflix Deal

While Trump may not have known that his investment portfolio held Netflix bonds, he likely benefited from the company backing out of the Warner Bros. deal. Acquiring the company could have led to more debt financing and Netflix's bonds becoming more risky, given the company's capital needs.

Instead, Netflix stock has been trading higher since the deal was called off, benefiting the company’s investors.

In December, Trump said he would "be involved" in the decision-making to approve or deny Netflix's bid for Warner Bros. He later backtracked in February, saying the decision would be up to his Justice Department.

That was followed by Trump issuing a threat to the streaming company, telling them they needed to fire Board of Directors member Susan Rice or "pay the consequences."

Netflix CEO Ted Sarandos brushed off Trump’s demand in a previous interview with BBC Radio 4.

“This is a business deal. It’s not a political deal,” Sarandos said, as reported by Variety. “This deal is run by the Department of Justice in the U.S. and regulators throughout Europe and around the world.”

The Netflix CEO said demands to fire Rice shared by the president might not be serious.

“He likes to do a lot of things on social media.”

While Netflix backed out of the merger attempt, the odds of the deal being approved by the Trump administration may have been low given past commentary.

“Who owns Warner Bros. Discovery is every important to the administration,” a senior Trump administration official told the New York Post. “The Warner board needs to think very seriously not just on the price competition but which player in the suitor pool has been successful getting a deal done.”

While most investors can read between the lines and realize that this would likely mean Paramount Skydance, given their recent merger approved by the Trump administration, the senior official actually spells it out.

“And that points to the Ellisons,” the senior administration official said.

Paramount Skydance (NASDAQ:PSKY) CEO David Ellison and his father, Oracle co-founder Larry Ellison, are longtime allies of Trump and among the company’s top owners.

“Warner really needs to think really hard about the odds of success getting the deal cleared with players outside of Paramount Skydance.”

Paramount won its bid for Netflix and now faces the Trump administration to see if the deal will be approved.

Netflix Stock Price Action

Netflix stock is down 0.9% to $98.25 on Friday versus a 52-week trading range of $75.01% to $134.12. Netflix stock is up 8% year-to-date in 2026, with shares up 19.5% over the last month.

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