Paramount Global Stock Slides After Warren Buffett Chops Stake

February 15, 2024

Stock in Paramount Global slid after Warren Buffett’s Berkshire Hathaway reported a one-third stake cut in the major studio. Paramount Global shares fell by 36 cents, or nearly 3 percent, to trade at $12.83 on the NASDAQ Exchange at the market open on Thursday morning. That extended a late-day collapse in the studio’s stock on Wednesday, which fell by around 6 percent to $13.19 at one point in after-market trading. Should a deal for National Amusements or Paramount Global come to pass, market analysts expect significant divestitures for Paramount Global, including Skydance and Paramount possibly combining their filmed entertainment studios for greater scale as a content producer. Warren Buffett is the biggest outside investor in the studio, while Redstone effectively controls Paramount Global through National Amusements’ controlling stake and a multi-class share structure.