MAM
Warren Buffett picks up stake in Rupert Murdoch’s 21st Century Fox
MUMBAI: Billionaire Warren Buffett’s investment vehicle Berkshire Hathaway picked up a stake in Rupert Murdoch’s 21st Century Fox during the fourth quarter last year. Buffett’s company bought 4.7 million shares in News Corp and at Tuesday’s closing price of $34 per share, the stake was worth approximately $160 million.
In a quarterly filing with the Securities and Exchange Commission on Tuesday, Berkshire Hathaway said that it bought 4.7 million shares in Murdoch’s company. The companies that fall under the 21st Century Fox umbrella are: 20th Century Fox movie studio, Fox Broadcasting, 20th Century Fox Television, Fox News, FX and Fox Sports.
Berkshire Hathaway has also increased its stake in cable television provider Charter Communications last year from approximately five million shares to 6.2 million during the fourth quarter. Additionally, the company also has stakes in other media and entertainment conglomerates like satellite television company DirecTV (31.4 million shares), Liberty Global (18.2 million shares), Liberty Media (12 million shares) and Viacom (8.6 million shares).
While he upped his investment in media companies, the octogenarian business magnate dumped his stakes in oil companies Exxon Mobil and ConocoPhillips, at a time when oil prices have been on a downslide. His firm offloaded 41 million shares worth approximately $3.7 billion of Exxon, which is the largest US oil company.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
