Warren Buffett Reverses Course on Media
Warren Buffett has invested in The New York Times—six years after selling off all his newspaper holdings—in what may be his final moves as Berkshire Hathaway CEO. This strategic pivot reflects Buffett's belief in the enduring value of trusted media despite his previous aversion to print journalism in the digital era. The Times' stock has responded positively, with analysts viewing this as both a vote of confidence in journalism and a signal that old media still has a future.
- Berkshire Hathaway acquired approximately 5.1 million shares of The New York Times in the fourth quarter of 2025, a stake valued at around $352 million. This represents about 3% of the company. - The investment is a significant reversal from 2020, when Berkshire Hathaway sold its entire newspaper division, BH Media Group, which included 30 daily newspapers, to Lee Enterprises for $140 million in cash. - When selling his previous newspaper holdings, Buffett had declared the industry "toast," but even at the time, he suggested that major national publications like The New York Times or The Wall Street Journal could be exceptions to the decline. - This is not Buffett's first major media investment; he had a famous and highly profitable 40-year relationship with The Washington Post, which began in 1973 when he invested $11 million in the company. - The New York Times has shown strong performance in its digital transition, reporting it had surpassed 12 million digital-only subscribers by late 2025, with digital subscription revenues growing by 14% year-over-year in the third quarter. - The investment in the Times was part of a broader portfolio reshuffling in the fourth quarter of 2025, which also saw Berkshire reduce its significant holdings in Apple and Bank of America. - Because the stake is a relatively small portion of Berkshire's overall portfolio (about 0.1%), there is speculation the purchase was made by one of Buffett's investment managers, Ted Weschler or Todd Combs, rather than Buffett himself.
