Warren Buffett said he sold all of Berkshire Hathaway’s shares in Paramount, losing a lot of money.
“It was my decision,” Buffett said at Berkshire’s yearly meeting. “We sold everything and lost quite a bit of money.”
At the end of 2023, Berkshire had 63.3 million shares of Paramount, down from before. They first bought some of Paramount’s shares in 2022 but then faced problems. Paramount’s stock dropped 44% in 2022 and 12% in 2023.
Recently, Sony Pictures and a company called Apollo Global Management said they wanted to buy Paramount for $26 billion. Other talks about buying Paramount are happening too.
Paramount has had trouble lately. Its revenue has gone down as more people stop using regular TV and its streaming services lose money. This year, its stock is down almost 13%.
Buffett said losing money on Paramount made him think about what people like to do in their free time. He thinks there are too many streaming services, which makes them compete too much.
