Cynthia Littleton Business EditorParamount Global’s stock price shot up more than 10% in early trading Tuesday following the news that Warren Buffett’s Berkshire Hathaway has scooped up more than $2 billion worth of shares in the company in recent months.Paramount stock opened Tuesday at $28.47 after closing Monday at $28.02, before Berkshire Hathaway’s stock purchases were disclosed in a Securities and Exchange Commission filing.Berkshire Hathaway has been in an investor in one of Paramount’s predecessor companies, Viacom, in the not-too-distant past.
Buffett’s purchases of late suggest that he sees the company as under-valued, or that he expects the company to be involved in M&A .Paramount Global, which changed its corporate moniker from ViacomCBS earlier this year, has struggled with the conventional wisdom that the company is too small to compete in what is fast becoming a global content marketplace.
The company has staked much of its hopes on building out its Paramount+ streaming platform, as its older linear cable channel assets fade in value amid the broader industry upheaval as consumers embrace subscription streaming services and on-demand programming options.
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