Paramount Global Stock Flies As Warren Buffett’s Berkshire Hathaway Boosts Stake

Famed investor Warren Buffett’s Berkshire Hathaway knocked Paramount Global shares higher after disclosing that it has raised his stake in the media company.

In an SEC filing, the so-called “Oracle Of Omaha’s” holding company revealed a ownership position of 91.2 million Paramount shares worth $1.7 billion as of the end of the third quarter.

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The stock is trading up over 9% at $20.20 on the news, outpacing the broader market. Media and entertainment shares have been laggards this year on streaming jitters, a soft ad market and cloudy economic outlook.

Berkshire disclosed its initial stake in August, revealing an investment of 69 million shares worth $2.6 billion. This is significant increase. Building up a position indicates faith in the company’s prospects, despite Wall Street’s increased skepticism of streaming as a business. There’s also the potential for some kind of deal in a constantly shifting landscape. Paramount Global’s stock remains fully majority controlled by Shari Redstone and the Redstone family’s National Amusements.

Buffett’s other media holdings include a big chunk of Apple stock, as well as stakes in Activision Blizzard, Amazon, Charter Communications Liberty Media and Liberty Latin America.

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