Buffett Gives Paramount Shares a Bump With Big Buy

0

Paramount Global, the company formerly known as ViacomCBS and under the majority control of Shari Redstone-led National Amusements, Inc., has a big new investor.


That excited others, who also snapped up PARA shares in Tuesday’s trading on Wall Street. Who’s the big new stakeholder? It’s someone who controls the ABC affiliate serving Miami-Fort Lauderdale, Key West and the Bahamas.

At 3:15pm Eastern, Paramount shares were up by 15.3% to $32.31, on word that Warren Buffett had snagged shares of Citigroup, Chevron and Paramount Global.

In the case of Paramount Global, Buffett through his Berkshire Hathaway acquired some $2.62 billion worth of Class B shares. This was disclosed in a SEC Form 13F filing that shows BH acquired nearly 69 million shares of Paramount Global across Q1 2022.

The news comes right before the Paramount Upfront presentation, which includes CBS and all of the ViacomCBS linear networks.

Investing in a broadcast TV operation isn’t new. In fact, his BH Media in July 2014 became the owner of former Post-Newsweek station WPLG-10 in Miami. Today, it is BH Media’s lone property, and enjoys a news production partnership with The E.W. Scripps Co. in South Florida.