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Warren Buffett Says He Has Sold All Of His Paramount Global Stock, Losing “Quite A Bit Of Money”
Warren Buffett says he sold all of his Paramount Global stock at a steep loss. At the end of 2023, he owned about 10% of the company's equity value.
He then went on to make public comments criticizing the companies pursuing Netflix in subscription streaming, a cohort that includes Paramount, given the economics of the emerging sector. An exclusive negotiating window between the companies expired at midnight Friday and a special committee of the board of directors met today to consider an alternative, all-cash merger proposal from Sony Pictures Entertainment and private equity giant Apollo. Wall Street has generally approved of the Sony/Apollo deal, but Redstone has been more reluctant to embrace it because it would likely entail the breakup of the company and the combination of Paramount’s film studio with Sony’s.
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