News Headline
Warren Buffet’s Berkshire Hathaway acquires stake in Paramount Global
Mumbai: Warren Buffet’s Berkshire Hathaway has invested $2.6 billion in Paramount Global in the first quarter of 2022, as per a Securities and Exchange Commission filing that disclosed the quarterly stock trading activity of his Berkshire Hathaway holding company.
On Monday, Paramount Global’s total market cap stood at $18.3 billion meaning Buffet’s stake in the company amounts to 15 per cent. As per a Variety report, Berkshire Hathaway purchased Class B shares whose owners do not have the same voting rights as Class A share owners largely held by National Amusements Inc, the holding company promoted by Shari Redstone.
Paramount Global owns and operates the streaming service Paramount+ that competes with the streaming services of Netflix, Amazon, Disney, Warner Bros. Discovery, NBCUniversal, Apple and more. It also owns CBS, Comedy Central, MTV, Nickelodeon and Showtime.
As chairman and CEO of Berkshire Hathaway, Buffet has gained a reputation as a value investor over his career. He is known for picking shares in companies that he believes are undervalued or misunderstood by the markets. He has been an on and off shareholder in Paramount Global’s predecessor Viacom.
