Warren Buffett speaks at Berkshire Hathaway’s annual shareholder meeting on May 4, 2024 in Omaha, Nebraska.
CNBC
OMAHA, Neb. — Warren Buffett reveals he sold off entire stake in Berkshire Hathaway Paramount Equity losses.
“I take 100% responsibility for Paramount’s decision,” Buffett said at Berkshire’s annual shareholder meeting. “This was 100% my decision, and we have sold them all and lost a lot of money.” ”
The latest filings show that Berkshire Hathaway held 63.3 million shares of Paramount at the end of 2023 after cutting its stake by about one-third in the fourth quarter of last year.
The Omaha-based conglomerate first purchased non-voting shares of Paramount’s Class B stock in the first quarter of 2022. and CEO exit. The stock fell 44% in 2022 and another 12% in 2023.
Paramount
Just this week, Sony Pictures and private equity firm Apollo Global Management sent a letter to Paramount’s board expressing interest in acquiring the company for about $26 billion. The company has also been in acquisition talks with David Allison’s Skydance Media.
Paramount has struggled in recent years, with revenue declining as more consumers abandon traditional pay TV and its streaming service continues to lose money. The stock is in the red again this year, down nearly 13%.
Buffett said Paramount’s fruitless bet made him think more deeply about what people prioritize in their free time. He has previously said that too many players in the streaming industry are seeking audience revenue, leading to fierce price wars.
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