“I was 100% responsible for the Paramount decision,” Buffett said. “It was 100% my decision, and we’ve sold it all and we lost quite a…
"I was 100% responsible for the Paramount decision," Buffett said at Berkshire's annual shareholder meeting."It was 100% my decision, and we've sold it all and we lost quite a bit of money."Berkshire owned 63.3 million shares of Paramount as of the end of 2023, after cutting the position by about a third in the fourth quarter of last year, according to latest filings.
The Omaha-based conglomerate first bought a nonvoting stake in Paramount's class B shares in the first quarter of 2022. Since then the media company has had a tough ride, experiencing a dividend cut, earnings miss and a CEO exit. The stock declined 44% in 2022 and another 12% in 2023.expressing interest in acquiring the company for about $26 billion. The firm has also been having takeover talks with David Ellison's Skydance Media.
Paramount has struggled in recent years, suffering from declining revenue as more consumers abandon traditional pay-TV, and as its streaming services continue to lose money. The stock is in the red again this year, down nearly 13%. Buffett said the unfruitful Paramount bet made him think more deeply about what people prioritize in their leisure time. He previously said the streaming industry has too many players seeking viewer dollars, causing a stiff price war.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyU.S. job growth totaled 175,000 in April while unemployment rose to 3.9%
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Unveiling Buffett's top life lessons learned at ten Warren Buffett Berkshire Hathaway meetingsI have attended Warren Buffett's annual meetings in Omaha for ten years and this has been a true masterclass in decision making and life mastery.
Les mer »
Trading the Giants: Strategies for the S&P 500, Nasdaq 100, FTSE 100, and DAX 40Stock market indices form the backbone of global investing, providing a way to track the performance of entire economies or sectors. Among the most heavily traded indices are the S&P 500 (US), Nasdaq 100 (US tech), FTSE 100 (UK), and DAX 40 (Germany).
Les mer »
FTSE 100, DAX 40 and Nasdaq 100 Remain Under PressureOutlook on FTSE 100, DAX 40 and Nasdaq 100 as investors await Israeli response to Iran’s attack.
Les mer »
FTSE 100, DAX 40 and Nasdaq 100 Regain Lost GroundOutlook on FTSE 100, DAX 40 and Nasdaq 100 as US earnings season kicks off.
Les mer »
FTSE 100, DAX 40 and Nasdaq 100 Await US CPI PrintOutlook on FTSE 100, DAX 40 and Nasdaq 100 ahead of US inflation data and FOMC minutes.
Les mer »
Beyoncé Surpasses 100 Career Hot 100 Hits, Thanks to ‘Cowboy Carter’She charts 23 songs from the album on the Hot 100.
Les mer »