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Berkshire Hathaway Returns to Newspaper Investment with $350 Million New York Times Stake
In a surprising strategic reversal, Berkshire Hathaway has disclosed a $350 million investment in The New York Times, just six years after Warren Buffett divested the conglomerate of all its newspaper holdings and declared most of the industry in terminal decline.
The investment was revealed Tuesday in Berkshire’s quarterly Securities and Exchange Commission filing, which details the company’s stock transactions during Buffett’s final quarter as CEO before handing the reins to Greg Abel after six decades at the helm.
While Buffett had previously deemed the newspaper industry “toast” during Berkshire’s 2020 sell-off of dozens of local papers, he had carved out an exception for national publications with strong brands like the Times and The Wall Street Journal, suggesting they might still have viable futures.
“It’s a full circle moment for Berkshire Hathaway in reinvesting in news and a huge vote of confidence by Berkshire in the business strategy of The New York Times,” said Tim Franklin, professor and chair of local news at Northwestern University’s Medill School of Journalism.
The Times has transformed substantially since Berkshire’s exit from the newspaper sector. No longer just a traditional print publication, it has evolved into what Franklin describes as a “thriving digital business” with more than 12 million digital subscribers. The company has diversified its offerings with popular online games like Wordle and strengthened its sports coverage through the acquisition of The Athletic.
This digital transformation may provide a blueprint for struggling local newspapers, Franklin suggested. By developing online games and highlighting exclusive local sports coverage, regional publications might find paths to sustainability in the digital age.
The filing does not specify whether Buffett personally directed the Times investment or if it came from one of Berkshire’s other investment managers. Typically, Buffett has handled investments exceeding $1 billion, placing this $350 million stake in a gray area of attribution.
Nevertheless, investor reaction was swift. Times shares jumped nearly 3% in after-hours trading following Berkshire’s disclosure, reflecting the market’s continued respect for the investment conglomerate’s decisions, even as leadership transitions.
The filing also revealed other significant portfolio adjustments. Berkshire increased its stake in Chevron by approximately 8 million shares, bringing its total holdings to more than 130 million shares. This move proved particularly timely as Chevron’s stock has surged following recent geopolitical developments involving Venezuela.
As the only major American oil company with substantial operations in Venezuela, Chevron produces about 250,000 barrels daily through joint ventures with the state-owned PDVSA. The company’s stock has climbed nearly 19% since early 2026, when U.S. forces captured Venezuelan President Nicolás Maduro.
Berkshire also continued trimming its positions in two of its largest holdings. The company sold approximately 50 million Bank of America shares, though it still maintains a significant stake of nearly 81 million shares. Buffett began building this position in 2011 when the bank was struggling with fallout from the subprime mortgage crisis.
Additionally, Berkshire reduced its Apple holdings by about 10 million shares but remains one of the tech giant’s largest shareholders with nearly 228 million shares at year’s end.
Beyond its stock portfolio, Berkshire Hathaway maintains ownership of numerous businesses across diverse sectors, including insurance giant Geico, utilities, BNSF railroad, and various manufacturing and retail operations featuring beloved brands like Dairy Queen and See’s Candy.
The Times investment signals Berkshire’s belief that despite broader industry challenges, selective media companies with strong digital strategies and national reach can thrive in an increasingly competitive landscape.
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9 Comments
This is a surprising move by Buffett, given his past comments about the newspaper industry being ‘toast’. I’ll be curious to see how this investment plays out.
Perhaps Buffett sees opportunities in national papers that he didn’t see in local publications. The Times’ digital focus could be a factor.
I wonder what Buffett sees in the Times that he didn’t see in other newspapers. The industry has been struggling, so this investment seems like a bold bet.
The Times has a strong brand and loyal readership. That may give it an edge over some other papers.
Interesting to see Berkshire Hathaway return to newspaper investment after previously divesting. Curious to see if this signals a shift in Buffett’s view on the industry’s long-term viability.
The Times must be doing something right to win back Buffett’s confidence. Their digital strategy seems to be paying off.
It’s interesting to see Berkshire Hathaway re-enter the newspaper space after previously divesting. Curious to understand Buffett’s rationale for this investment in the Times.
Buffett’s move to invest in the Times, after previously dismissing the industry, suggests he sees potential in the company’s strategy and business model. I’ll be watching this closely.
The Times’ digital focus and strong brand may have been the key factors that swayed Buffett. It will be interesting to see how this investment plays out.