Warren Buffett’s Berkshire Hathaway Acquires Small Stake in Paramount Global
variety.comWarren Buffett’s Berkshire Hathaway invested about $2.6 billion in Paramount Global during the first quarter of 2022, according to a Securites and Exchange Commission filing that disclosed the quarterly stock trading activity of his Berkshire Hathaway holding company.The 91-year-old Buffett, who serves as the owner and CEO of Berkshire Hathaway, has garnered the reputation of a value investor over his career, picking up shares in companies that he believes are undervalued or misunderstood by the markets.His investment in Paramount Global bodes well for the entertainment company as it continues to gain steam in Hollywood’s ongoing streaming wars, using its growing service Paramount+ to compete against Disney, Warner Bros.
Discovery, NBCUniversal, Netflix, Apple and more in the digital space. Along with operating Paramount+, Paramount Global also owns CBS, Comedy Central, MTV, Nickelodeon and Showtime.
As of Monday, Paramount Global’s total market cap stands at $18.3 billion, meaning Buffett’s stake in the company totals nearly 15%.
However, Berkshire Hathaway purchased Class B shares, which don’t have the same voting rights as the Class A shares that are largely owned by Shari Redstone’s National Amusements Inc.
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