Paramount Global stock jumps nearly 10% after Berkshire Hathaway stock purchase disclosure
Warren Buffet's company, Berkshire Hathaway, has invested a hefty sum in Paramount Global
MAY 18, 2022 - Many of us invest our time and our streaming subscriptions in Paramount+, especially to watch Star Trek. Others invest their dollars – sometimes quite a few dollars – in the company that owns Paramount+, Paramount Global. Deadline is reporting on one of those investments, amounting to a “chunky stake” in Paramount Global.
Late Monday, May 16, Berkshire Hathaway, the multinational conglomerate holding company, led by Chairman and CEO Warren Buffett, disclosed that it had purchased almost 69 million shares of Paramount Global during the first quarter of 2022.
Paramount Global’s stock price jumped almost 10% yesterday morning after the announcement, though it was still well below its 52-week high.
Deadline said that Buffett often looks for value in down markets, which he apparently saw in the restructured Paramount Global. Streaming subscriptions also topped expectations in the first quarter.
In addition to the Paramount Global shares, Berkshire Hathaway acquired shares in several other companies over the quarter, totaling $51 billion. It is number one on Forbes’ Global 2000 list of the world’s largest public companies, with more than $958 billion in assets. According to Wikipedia, Buffet has been the chairman and largest shareholder of Berkshire Hathaway since 1970, and he has pledged to give away 99% of his wealth, primarily through the Bill and Melinda Gates Foundation.
For more on Berkshire Hathaway and Paramount Global, head over to Deadline.
David is a contributing writer for Daily Star Trek News on the Roddenberry Podcast Network. He is a librarian, baseball fan, and book and movie buff. He has also written for American Libraries and Skeptical Inquirer. David also enjoys diverse music, but leans toward classical and jazz. He plays a mean radio.
