SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Technical analysis for shorts & longs
SPY 670.21-1.1%Nov 6 4:00 PM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Johnny Canuck who wrote (59136)5/5/2024 11:22:35 PM
From: Johnny Canuck  Read Replies (1) of 67710
 
SKIP NAVIGATION





MARKETS
CNBC TV
WATCHLIST

MENU

MARKETS
Buffett says Berkshire sold its entire Paramount stake: ‘We lost quite a bit of money’
PUBLISHED SAT, MAY 4 20243:01 PM EDTUPDATED AN HOUR AGO


Yun Li @YUNLI626

WATCH LIVE



WATCH NOW

VIDEO01:27
Warren Buffett says Berkshire sold its entire Paramount stake and ‘lost quite a bit of money’

OMAHA, Neb. — Warren Buffett revealed that he dumped Berkshire Hathaway’s entire Paramount stake at a loss.

“I was 100% responsible for the Paramount decision,” Buffett said at Berkshire’s annual shareholder meeting. “It was 100% my decision, and we’ve sold it all and we lost quite a bit of money.”

Berkshire owned 63.3 million shares of Paramount as of the end of 2023, after cutting the position by about a third in the fourth quarter of last year, according to latest filings.

The Omaha-based conglomerate first bought a nonvoting stake in Paramount’s class B shares in the first quarter of 2022. Since then the media company has had a tough ride, experiencing a dividend cut, earnings miss and a CEO exit. The stock declined 44% in 2022 and another 12% in 2023.



Paramount Global
PARA:NASDAQ
+ VIEW QUOTE DETAILS

After Hours: Last | 05/03/24 EDT
13.18+0.29 (+2.25%)

12.89-0.97 (-7.00%)
Close

Paramount

Just this week, Sony Pictures and private equity firm Apollo Global Management sent a letter to the Paramount board expressing interest in acquiring the company for about $26 billion. The firm has also been having takeover talks with David Ellison’s Skydance Media.

Paramount has struggled in recent years, suffering from declining revenue as more consumers abandon traditional pay-TV, and as its streaming services continue to lose money. The stock is in the red again this year, down nearly 13%.

Buffett said the unfruitful Paramount bet made him think more deeply about what people prioritize in their leisure time. He previously said the streaming industry has too many players seeking viewer dollars, causing a stiff price war.



  • News TipsGot a confidential news tip? We want to hear from you.

    GET IN TOUCH
  • CNBC NewslettersSign up for free newsletters and get more CNBC delivered to your inbox

    SIGN UP NOWGet this delivered to your inbox, and more info about our products and services.

  • Advertise With Us PLEASE CONTACT US
© 2024 CNBC LLC. All Rights Reserved. A Division of NBCUniversal

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Market Data Terms of Use and DisclaimersData also provided by

Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News