Warren Buffett's Berkshire Hathaway sharply reduced its exposure to Amazon while building a significant new position in The New York Times Co., signalling a shift in portfolio strategy toward media and select legacy businesses. Regulatory filings show Berkshire cut its Amazon stake by nearly 75% in the December quarter, leaving it with about 2.3 million shares.
The move marks a notable pullback from one of the few technology investments Buffett had publicly endorsed, having first invested in the e-commerce giant in 2019.
New York Times Emerges As Key New Bet
At the same time, Berkshire purchased about 5.1 million shares of The New York Times Co., valued at roughly $351.7 million at the end of the quarter. The investment sparked strong investor interest, with the publication's shares jumping more than 10% in post-market trading following the disclosure.
The bet marks Berkshire's return to newspaper investments years after exiting its traditional media holdings. The conglomerate had sold its newspaper portfolio, including BH Media Group and The Buffalo News, in 2020.
The New York Times has since transformed into a digital-first media company, with growing subscription revenues across news, games, and lifestyle platforms—potentially aligning with Berkshire's preference for durable business models with strong pricing power.
Berkshire Pares Exposure To Big Tech
The Amazon reduction follows broader trimming of Berkshire's exposure to major technology and financial holdings. The conglomerate cut its stakes in Apple and Bank of America during the quarter, bringing them down to 1.5% and 7.1% of the portfolio, respectively.
Buffett had begun reducing these positions earlier, reflecting both valuation considerations and a gradual portfolio transition under Berkshire's evolving leadership.
Alongside the media investment, Berkshire increased its holdings in insurance firm Chubb to 8.7% and oil major Chevron to 6.5%. It also raised its stake in Domino's Pizza by about 12%, reinforcing its exposure to consumer and energy sectors.
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