Famed investor Warren Buffett’s Berkshire Hathaway knocked Paramount Global shares higher after disclosing that it has raised his stake in the media company.
In an SEC filing, the so-called “Oracle Of Omaha’s” holding company revealed a ownership position of 91.2 million Paramount shares worth $1.7 billion as of the end of the third quarter.
The stock is trading up over 9% at $20.20 on the news, outpacing the broader market. Media and entertainment shares have been laggards this year on streaming jitters, a soft ad market and cloudy economic outlook.
Berkshire disclosed its initial stake in August, revealing an investment of 69 million shares worth $2.6 billion. This is significant increase.
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