Berkshire Hathaway has sold its entire stake in Paramount Global, losing “quite a bit of money,” Berkshire CEO Warren Buffett said at the company’s annual meeting on Saturday.
The famed investor was the largest shareholder in Paramount’s non-voting stock and took a steep loss on the sale.
The famed investor and Berkshire Hathaway CEO says that his company has exited its position in Paramount. Buffett disclosed the news during Berkshire’s annual meeting in Omaha, Nebraska, on Saturday.
Buffett also shot down speculation that Ted Weschler or Todd Combs, who together run about 10% of Berkshire Hathaway’s equity portfolio, had purchased the Paramount stake, taking responsibility for the investment himself.
“It was 100% my decision and we’ve sold it all and we lost quite a bit of money,” said Buffett. “I did it all by myself, folks.”
Berkshire had been one of the largest Paramount shareholders at year-end 2023 with a stake of 63 million shares, or close to 10% of the company. Barron’s estimates that Berkshire paid more than $30 a share for the Paramount stake. Berkshire owned the non-voting Paramount shares.
Buffett said Berkshire took a loss on the Paramount sale but didn’t specify the amount.
This year, shares of Paramount have fallen nearly 13% to $12.89.
On Monday, the TV and movie producer said it had severed ties with CEO Bob Bakish amid a leadership reorganization and ongoing merger discussions. Paramount reported adjusted earnings per share for the first quarter of 62 cents, beating analyst estimates of 35 cents a share.