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Mr. Buffett completely sold his Paramount shares and said he 'lost a considerable amount of money.'
Omaha, Nebraska - Mr. Warren Buffett... $Berkshire Hathaway-A (BRK.A.US)$ The market capitalization exceeded $3 trillion for the first time on June 5, surpassing Apple and rising to second place in the world. The $3 trillion market capitalization is the first for a semiconductor company. In response to the king's impressive performance, semiconductor stocks in the US stock market showed a celebratory uptrend. Among the constituent stocks of the Philadelphia Semiconductor Index (SOX Index), there were also 10 stocks that surpassed Nvidia in terms of growth rate. $Paramount Global-B (PARA.US)$ made it clear that he has completely divested his entire shareholding.
At Berkshire's annual shareholder meeting, Mr. Buffett stated, 'I am 100% responsible for the decision regarding Paramount.' 'It was 100% my call. And we sold everything, losing a considerable amount of money.'
According to the latest filing, Berkshire had 63.3 million shares of Paramount at the end of 2023, after reducing its position by approximately one-third in the fourth quarter of last year.
Based in Omaha, this conglomerate purchased non-voting shares of Paramount's Class B shares for the first time in the first quarter of 2022. Since then, this media company has faced challenges such as reduced dividends, missed profits, and the CEO's resignation. The stock price fell by 44% in 2022,andIn 2023.further,This week, buyers enter again and SOX rises by about 10%.It was done.
Sony Pictures and private equity firm Apollo Global Management sent a letter to the Paramount board expressing interest in acquiring the company for about $26 billion. The company is also in acquisition negotiations with Skydance Media led by Mr. David Ellison.
Paramount has been struggling in recent years, as more consumers are abandoning traditional paid television, leading to a decrease in revenue due to streaming services continuing to operate in the red. The company's shares also turned red this year, falling by nearly 13%.
Mr. Buffett commented that the unsuccessful bet on Paramount has prompted people to think more deeply about what they prioritize in their leisure time. He had previously stated that there are too many players in the streaming industry seeking money from viewers, leading to intense price competition.
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