Warren Buffett invests $2.6 billion in Paramount Global

Warren Buffett’s Berkshire Hathaway invested about $2.6 billion in Paramount Global in the first quarter of 2022, according to a Securites and Exchange Commission filing disclosing quarterly stock trading activity at its holding company, Berkshire Hathaway.

Buffett, 91, who serves as the owner and CEO of Berkshire Hathaway, has built a reputation as a value investor throughout his career, buying stocks in companies he believes are undervalued or misunderstood by the markets.

Its investment in Paramount Global bodes well for the entertainment company as it continues to gain momentum in Hollywood’s ongoing streaming wars, leveraging its growing Paramount+ service to compete in the digital space against Disney, Warner Bros. Discovery, NBCUniversal, Netflix, Apple, and others . In addition to operating Paramount+, Paramount Global also owns CBS, Comedy Central, MTV, Nickelodeon and Showtime.

As of Monday, Paramount Global’s total market cap is $18.3 billion, meaning Buffett’s stake in the company is nearly 15%. However, Berkshire Hathaway bought Class B stock, which does not have the same voting rights as Class A stock, which is largely owned by Shari Redstone’s holding company, National Amusements Inc.

Earlier Monday, Buffett revealed the company’s latest investments to shareholders during the company’s most recent annual meeting. Buffett has historically been a shareholder in Paramount’s predecessor, Viacom.

Along with Buffett’s stake in Paramount, Berkshire Hathaway also added significant investments in Chevron, Occidental Petroleum, and HP Inc., as well as about four million shares in Apple and two million shares in General Motors. Berkshire Hathaway sold about $10 billion worth of stock during the quarter, easing its investments in Kroger and Verizon Communications and selling all shares of Abbvie and Bristol Myers Squibb.

https://variety.com/2022/film/news/warren-buffett-paramount-global-berkshire-hathaway-streaming-1235268801/ Warren Buffett invests $2.6 billion in Paramount Global

Charles Jones

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