Buffett Says Berkshire Sold Paramount Stake At A Loss

Warren Buffett said that Berkshire Hathaway sold its entire holding in media and entertainment company Paramount Global at a loss, and he took sole responsibility for the decision, as reported by Davide Barbuscia for Reuters.

Berkshire held 63.3 million Paramount Class B shares at the end of 2023, or about 10.1% of the company. I Photo: Paramount Pictures Facebook

"It was 100% my decision, and we've sold it all, and we lost quite a bit of money," Buffett said at Berkshire's annual shareholder meeting in Omaha, Nebraska.

Berkshire held 63.3 million Paramount Class B shares at the end of 2023, or about 10.1% of the company.

Paramount, like other studios, has been struggling to recover from strikes by Hollywood writers and actors last year, a soft advertising market, and falling US cable subscriptions that have eroded its TV profits.

A special committee of the Paramount board, created to evaluate offers for the company, has been holding exclusive deal talks with Skydance Media. But Paramount will end those negotiations without a deal, a person familiar with the discussions told Reuters, allowing it to evaluate a rival bid.