Warren Buffett’s Berkshire Hathaway reported Monday in a securities submitting that it has acquired a stake in Paramount Global after buying $2.6 billion in Class B shares.

The SEC Form 13F submitting confirmed that Buffett’s firm acquired nearly 69 million shares of Paramount Global through the first quarter, together with revealing that it additionally took different stakes in corporations like Citibank. Overall, the investing big acquired $51 billion in shares through the first three months of 2022.

Buffett, who additionally owns stakes in leisure corporations like Apple and Amazon, buys into Paramount Global, previously ViacomCBS, after the corporate’s Q1 2022 outcomes included subscriber features in its flagship streaming service Paramount+ and Tubi, topping expectations. But Wall Street’s scepticism on the boundaries of streaming features sector-wide has stored the inventory within the crimson for the 12 months.

Paramount Global inventory stays absolutely majority managed by Shari Redstone and the Redstone household’s National Amusements.

At a digital investor assembly in February, Paramount’s working executives together with CEO Bob Bakish rolled out the company’s upcoming content offerings and techniques, which incorporate hefty and growing investment in programming for the direct-to-consumer enterprise.

Paramount (which additionally owns CBS, Showtime, Nickelodeon, MTV, Comedy Central, BET, Pluto TV and, for now, Simon & Schuster) has additionally been promoting off belongings to boost money, divesting CBS Studio Center, Black Rock and CNET. It inked a deal to promote the writer Simon & Schuster to Bertelsmann’s Penguin Random House final 12 months although the DOJ has sued to block the merger.

Investors have been cautious of the streaming narrative throughout the leisure sector, highlighted by Netflix’s inventory setback after weak quarterly sub numbers.

Buffet’s transfer comes forward of Paramount Global’s annual upfront pitch to TV advert patrons in New York. The firm’s presentation is Wednesday afternoon.

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