Berkshire Hathaway has announced a new investment in The New York Times, which is a notable move since Warren Buffett had previously exited the newspaper business in 2020.
Following the announcement, Times stock saw a 4% increase in after-hours trading, reaching $76.99.
According to a filing with the Securities and Exchange Commission, Berkshire held approximately 5.07 million shares of Times stock, valued at $351.7 million, by the end of 2025.
This filing highlights Berkshire’s significant U.S.-listed holdings as of December 31, which constitute the majority of its stock portfolio.
Additionally, Berkshire reduced its stake in Apple by 4%, although Apple remains its largest investment at $62 billion. It also sold 77% of its 10 million shares in Amazon in the fourth quarter.
This quarter marked a transition, as it was the last under Buffett’s 60-year leadership. Greg Abel officially took over as CEO on January 1, but Buffett continues to serve as chairman.
The filing didn’t specify who was responsible for these investment decisions—whether it was Buffett, Abel, or portfolio manager Ted Weschler. There’s also the matter of Todd Combs, another portfolio manager, who left JPMorgan Chase in December.
Historically, when Berkshire discloses new investments, its stock often appreciates, largely due to investor confidence in Buffett’s judgment. There’s some uncertainty now regarding whether this trend will persist with Abel at the helm.
Berkshire has yet to appoint a new chief investment officer to succeed Buffett, and details regarding the allocation of equity investments remain undisclosed.
Buffett has fond memories of the Times.
Buffett was hesitant to sell off the entire newspaper business, telling shareholders back in 2018 that only a few papers, like the Times and Wall Street Journal, had digital strategies robust enough to compensate for dwindling print circulation and revenue.
In the meantime, the Washington Post, owned by Jeff Bezos, has faced challenges and recently downsized its workforce by about a third.
In the fourth quarter, Berkshire not only adjusted its positions but also increased its investments in Chevron and Chubb while offloading shares in Aon and Bank of America.
Details surrounding Berkshire’s investment could be further elaborated in the annual report, along with Abel’s initial letter to shareholders on February 28.
Investors and market analysts are expressing caution regarding Berkshire’s valuation, particularly since it hasn’t engaged in stock buybacks for over a year and hasn’t made any significant acquisitions in over a decade.
Beyond its stock investments, Berkshire owns a diverse portfolio of companies, which includes BNSF Railway, Geico auto insurance, as well as various energy, manufacturing, and retail brands like Brooks, Dairy Queen, and Fruit of the Loom.
