In recent news, stock in Paramount Global took a significant hit after Berkshire Hathaway, led by renowned investor Warren Buffett, revealed a substantial reduction in its stake in the major studio. The announcement sent shockwaves through the market, causing Paramount Global shares to slide by 36 cents, or nearly 3 percent, to trade at $12.83 on the NASDAQ Exchange at the opening of the market on Thursday morning.
This decline came on the heels of a late-day collapse in the studio's stock on Wednesday when it fell by around 6 percent to $13.19 in after-market trading. Berkshire Hathaway, in a securities filing released on Wednesday evening, disclosed that it had sold 30.4 million shares in Paramount Global, representing a third of its investment stake during the fourth quarter of 2023. This move by Buffett's conglomerate coincided with rumors circulating in the market about a potential takeover of Sheri Redstone's controlling stake in Paramount Global, with David Ellison's Skydance Media and RedBird Capital seemingly interested in making an offer.
