Berkshire Hathaway Sells Entire Paramount Stake, Admits Significant Losses

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.

Berkshire Hathaway Sells Entire Paramount Stake
Paramount’s struggles: declining revenue, streaming losses, a stock drop of 44% in 2022.

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.

Buffett reflects on leisure choices and criticizes the streaming industry’s fierce competition and its impact.

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.

Michael Manua
Michael Manua
Michael, a seasoned market news expert with 29 years of experience, offers unparalleled insights into financial markets. At 61, he has a track record of providing accurate, impactful analyses, making him a trusted voice in financial journalism.
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