Warren Buffett says Berkshire sold entire Paramount stake at a loss

Paramount has been struggling to recover from strikes by Hollywood writers and actors last year, a soft advertising market and falling US cable subscriptions

A view of Paramount Studios's water tank as SAG-AFTRA members walk the picket line outside during their ongoing strike, in Los Angeles, California, US, September 26, 2023. REUTERS

Warren Buffett said on Saturday that Berkshire Hathaway sold its entire holding in media and entertainment company Paramount Global at a loss and he took sole responsibility for the decision.

"It was 100% my decision, and we've sold it all, and we lost quite a bit of money," Buffett said at Berkshire's annual shareholder meeting in Omaha, Nebraska.

Berkshire held 63.3 million Paramount Class B shares at the end of 2023 or about 10.1% of the company.

Paramount, like other studios, has been struggling to recover from strikes by Hollywood writers and actors last year, a soft advertising market and falling US cable subscriptions that have eroded its TV profits.

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 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 declined to comment on Berkshire's stock sale.