Shares of Paramount popped higher in early trading after Berkshire Hathaway, the company of legendary investor Warren Buffett, disclosed late yesterday that it acquired a chunky stake in the compan…
Paramount shares are up more than 10% at nearly $31 at market open morning, following a 1% dip yesterday. They stock is still well off a 52-week high of $47, but pulling away from its year low of $26.during the first quarter, it said in an SEC filing, along with a $2.9 billion stake in giant Citigroup. It also took or boosted positions in Activision Blizzard and Apple as well as Ally Financial, Markel, McKesson, Celanese, Occidental Petroleum and Chevron.
Buffett often looks for value, investing in stocks he likes during a downturn like the one we’ve seen recently. It’s been grim lately. But Paramount, which rebranded and restructured earlier this year, has taken less of beating than others in the sector as Wall Street skepticism around the limits and cost-benefits of the industry’s massive investment in streaming.saw subscriber gains at its flagship streaming services Paramount+ and Pluto, topping expectations.
The TV Media division, whose revenue still makes up more than three-quarters of the company’s total, posted a subdued quarter, though it exceeded estimates on the bottom line. Revenue in the unit fell 6% from the year-ago period, to $5.6 million. Excluding the impact of Super Bowl LV, which was carried by CBS in February 2021, revenue grew 2% year-over-year. Advertising revenue fell 13%, but would have been up 4% without the Super Bowl.
“We have written and are executing on a differentiated playbook to grow a diversified entertainment company and build a financially attractive business with healthy long-term margins,” CEO Bob Bakish said then.
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