Warren Buffett's $350 million NYT investment revives interest in media

THE INVESTOR HAS ACQUIRED ABOUT 5.IMN SHARES IN THE NEW YORK TIMES CO, TAKING ROUGHLY 3% STAKE

- Associated Press

Six years after Warren Buffett sold off all of Berkshire Hathaway's newspapers and predicted unending declines for most of the industry, Berkshire disclosed a new $350 million investment in The New York Times on Tuesday.

The somewhat surprising move highlighted the quarterly update Berkshire filed with the Securities and Exchange Commission about the company’s stock holdings in Buffett’s last quarter as CEO.

At the time Buffett sold off Berkshire’s dozens of newspapers in 2020 he concluded the industry was “toast.” But even then he suggested that newspapers with a national brand like the Times or The Wall Street Journal might still do well.