NEW YORK (Reuters) – Warren Buffett stated on Saturday Berkshire Hathaway bought its total holding in Paramount at a loss, a choice he stated was his sole accountability.
“It was 100% my choice and we have bought all of it and we misplaced fairly a bit of cash,” Buffett stated whereas talking at Berkshire’s annual shareholder assembly in Omaha, Nebraska.
The Omaha-based conglomerate had 63.3 million Paramount World Class B shares as of the top of 2023.
Paramount, like different studios, has been struggling to get well from final yr’s months-long strikes by Hollywood writers and actors, a mushy promoting market and falling cable subscriptions in the USA that has eroded revenue for its TV enterprise.
A particular committee of the Paramount board, created to guage gives for the corporate, has been holding unique deal talks with Skydance Media however Paramount World will finish these negotiations with no deal, an individual accustomed to the discussions informed Reuters on Friday, permitting it to guage a rival bid.
The media big didn’t instantly reply to a request for touch upon Berkshire’s shares sale.
(Reporting by Davide Barbuscia; Modifying by Josie Kao)
