Warren Buffet’s Berkshire Hathaway takes $2.6bn stake in Paramount Global

Warren Buffet’s investment vehicle Berkshire Hathaway has acquired a stake in Paramount Global worth US$2.6bn.

Warren Buffett (photo: Aaron Friedman via CC)

The billionaire has bought almost 69 million shares of the US-based firm, which owns CBS, Showtime, Nickelodeon, MTV, Comedy Central, BET, Pluto TV and streamer Paramount+.

While Paramount Global remains owned by Shari Redstone and the Redstone family’s National Amusements, Buffet becomes the largest external investor in the New York-headquartered company.

The investment comes after SVoD platform Paramount+, which launched in March last year, revealed it had added 6.8 million new subscribers in the first quarter, taking its global tally to just shy of 40 million.

In addition to Paramount Global, Buffet also has stakes in media companies such as Apple and Amazon, as well as Charter Communications, which is set to roll out a streamer with Comcast.