WASHINGTON (dpa-AFX) - Berkshire Hathaway, the conglomerate led by Warren Buffett, has disclosed a new $350 million investment in The New York Times Company.
This move marks a notable return to the news business for Buffett, who largely exited the industry in 2020 by selling off Berkshire's newspaper holdings.
The investment was revealed in Berkshire's final quarterly update covering Buffett's tenure as CEO before he handed the role to Greg Abel in January. While it's unclear whether Buffett personally directed the Times purchase, the move is widely viewed as a strong endorsement of the company's digital-first strategy.
The Times now counts more than 12 million digital subscribers and has expanded beyond traditional journalism with new products like Wordle and The Athletic. Shares of the Times rose nearly 3% in after-hours trading following the disclosure.
In addition to the Times investment, Berkshire also increased its stake in the energy company Chevron, adding roughly 8 million shares to bring its holdings to more than 130 million.
This bet proved timely as Chevron's stock climbed sharply amid renewed attention on Venezuela's oil sector. At the same time, Berkshire reduced its holdings in Bank of America and trimmed its large position in Apple, though both remain significant investments in the conglomerate's portfolio.
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