Warren Buffett makes another gamble in the streaming war.
Billionaire Berkshire Hathaway announced in a securities announcement on Monday that it had acquired shares worth about $2.6 billion in Paramount Global, owner of CBS, MTV, Nickelodeon, Showtime and Comedy Central, and operator of streaming services. .
The deal instantly makes Buffett one of the company’s biggest foreign investors, with the exception of GAMCO founder Mario Gabel. Paramount is owned by National Amusements, which in turn is owned by the Shari Redstone and Redstone families.
Still, buying Buffett is a big deal for a company facing stiff competition from streaming companies like Disney, Netflix and Warner Bros. Discovery, not to mention Netflix.
It is also a big investor in several other companies in the streaming business: Apple, which has received critical acclaim for its Apple TV+ service, although it is unknown how many people are watching; And Amazon, which has taken a similar approach through its Amazon Prime Video service. Berkshire owns a stake in Charter Communications, which works with Comcast on a streaming platform.
Buffett is known for buying companies that he believes will be long-term winners or that the market doesn’t value, which is a sign of Paramount’s growth.
Paramount will host its first in-person performance since the COVID-19 pandemic began Wednesday at Carnegie Hall in New York.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
