FOX Business’ Charlie Gasparino details Paramount’s cash flow problems on “Craman Countdown.”
Berkshire Hathaway, the conglomerate run by billionaire investor Warren Buffett, has sold about 30.4 million shares from its investment in Paramount Global.
The fourth-quarter move disclosed Wednesday was a 32% decrease from the approximately 93.7 million shares held by the conglomerate at the end of the previous quarter ending Sept. 30, the Securities and Exchange Commission (SEC) said. This was shown in the filing.
Berkshire Hathaway’s stake in Paramount has reached more than 63.3 million shares, according to Wednesday’s filing. Its value was determined at $936.5 million.
File photo: Berkshire Hathaway shareholders walk in front of a video screen during the company’s annual meeting in Omaha, May 4, 2013. (Reuters/Rick Wilking/File Photo/Reuters Photo)
“@WarrenBuffett’s Berkshire Hathaway has significantly reduced its stake in @ParamountCo. Just yesterday, @FoxBusiness reported on Shari Redstone’s struggle to exit her stake in $PARA’s holding company National Amusements. FOX Business senior correspondent Charles Gasparino said. Wednesday’s X. “Buffett’s shareholding was a big selling point for $PARA. His exciting (1/3 cut) makes it more difficult to sell, analysts say.”
Byron Allen offers to buy Paramount Global for $14 billion
Reports first surfaced last year that National Amusements CEO Shari Redstone was discussing a potential deal to sell stock. There has been a lot of interest in both her stock and Paramount in recent months.
The Paramount logo appears at Columbia Square on Sunset Boulevard in Hollywood, California on March 9, 2023. (Photo by PATRICK T. FALLON/AFP via Getty Images/Getty Images)
FOX Business has reached out to Paramount and National Amusements for comment.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Cutting Paramount stock wasn’t the only change Berkshire Hathaway made in the final quarter of 2023. Investments that changed included HP, Apple, Chevron and Occidental Petroleum, with the conglomerate selling some of its stake in the first two companies. The filing says it will get more of the last one.
Warren Buffett, chairman and chief executive officer of Berkshire Hathaway, said in an interview on Bloomberg TV in New York on Wednesday, August 30, 2017. Buffett said that the rise in the market over the past few years has made management difficult. (Christopher Goodney/Bloomberg via Getty Images/Getty Images)
Berkshire Hathaway said its stakes in various companies are worth a total of nearly $347.4 billion. This was an increase of nearly 11% compared to the third quarter.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| BRK.A | Berkshire Hathaway Co., Ltd. | 605,999.01 | +4,998.99 | +0.83% |
| BRK.B | Berkshire Hathaway Co., Ltd. | 402.75 | +4.34 | +1.09% |
| para | paramount global | 12.57 | -0.61 | -4.66% |
The conglomerate, which Mr. Buffett has helmed for decades, was worth $870.18 billion as of Thursday, based on market capitalization.
Paramount lays off 3% of global workforce despite record Super Bowl ratings
