Berkshire Hathaway Invests $351.7 Million in The New York Times

Berkshire Hathaway has disclosed a $351.7 million investment in The New York Times, marking a return to the media sector after divesting its newspaper holdings in 2020. The conglomerate acquired approximately 5.07 million shares of the Times, as detailed in a recent filing with the U.S. Securities and Exchange Commission.

This investment was part of Berkshire's quarterly update, which also revealed an increased stake in Chevron and reductions in holdings of Bank of America and Apple. The Times' stock responded positively, rising nearly 3% in after-hours trading following the announcement.

In 2020, Warren Buffett sold Berkshire's newspaper businesses, expressing skepticism about the industry's future. However, he acknowledged that national newspapers like The New York Times might continue to thrive.

The recent filing does not specify whether Buffett personally directed the Times investment or if it was managed by one of Berkshire's investment managers. Buffett typically oversees investments exceeding $1 billion, so the origin of this particular decision remains unclear.

Berkshire Hathaway's diversified portfolio includes ownership of companies such as Geico, BNSF railroad, and various manufacturing and retail businesses.