Updated with closing price: Shares of Paramount Global rose more than 15% to close at .3 32.32 on Tuesday when legendary investor Warren Buffett’s company Berkshire Hathaway announced late yesterday that it had acquired a large stake in the company.
Shares, among the best performers, opened 10% – গতকাল after falling 1% yesterday They are still well above the 52-week high of $ 47 but moving away from the one-year low of $ 26.
Berkshire bought nearly 69 million shares of Paramount Global in the first quarter, according to an SEC filing, with ্ট 2.9 billion in shares of Giant Citigroup. It has acquired or expanded positions in Activation Blizzard and Apple, as well as Ally Financial, Merkel, McKesson, Selenius, Occidental Petroleum and Chevron. Overall, the investor giant acquired ক 51 billion worth of stocks in the first quarter of the year.
The SEC requires institutional investors who manage more than 100 100 million to disclose equity holdings within 45 days of the end of a quarter.
Buffett often seeks value, investing in stocks of his choice during the recent recession. It’s been bad lately. But Paramount, which was restructured and restructured earlier this year, suffered less than others in the sector as Wall Street doubted the limits and cost-benefits of the industry’s huge investment in streaming.
The results of the first quarter of 2022 showed customer gains on its flagship streaming services Paramount + and Pluto, above expectations. Paramount said it reached 62 million total streaming subscribers in the first quarter, about 40 million of that Paramount +.
The TV media division, whose revenue still accounts for more than three-quarters of the company’s total, posted a lower quarter, though it exceeded the bottom line estimate. Unit revenue stood at $ 5.6 million, down 6% from a year earlier. Excluding the impact of Super Bowl LV, which was carried out by CBS in February 2021, revenue has increased by 2% year on year. Advertising revenue fell 13%, but would have increased 4% without the Super Bowl.
CEO Bob Bakish said at the time, “We’ve written and edited a different playbook to build a diversified entertainment company and build a financially lucrative business with long-term healthy margins.