Warren Buffett says Berkshire sold entire Paramount holdings at a loss
NEW YORK, May 4 (Reuters) -Warren Buffett said on Saturday Berkshire Hathaway BRKa.N sold its entire holding in Paramount PARA.O at a loss, a decision he said was his sole responsibility.
"It was 100% my decision and we've sold it all and we lost quite a bit of money," Buffett said while speaking at Berkshire's annual shareholder meeting in Omaha, Nebraska.
The Omaha-based conglomerate had 63.3 million Paramount Global Class B shares as of the end of 2023.
Paramount, like other studios, has been struggling to recover from last year's months-long strikes by Hollywood writers and actors, a soft advertising market and falling cable subscriptions in the United States that has eroded profit for its TV business.
A special committee of the Paramount board, created to evaluate offers for the company, has been holding exclusive deal talks with Skydance Media but Paramount Global will end those negotiations without a deal, a person familiar with the discussions told Reuters on Friday, allowing it to evaluate a rival bid.
The media giant did not immediately respond to a request for comment on Berkshire's stocks sale.
Reporting by Davide Barbuscia; Editing by Josie Kao
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