Paramount shares are up about 14% after Buffett’s Berkshire announced a new holding

In this photo illustration, the Paramount+ (Paramount Plus) logo is seen on a smartphone in front of its website in the background.

Pavlo Gonchar | SOPA images | flare | Getty Images

Paramount Global shares rose Tuesday after Warren Buffett’s Berkshire Hathaway announced a new stake in the media company.

The stock is up 14% as of 9:40 a.m. ET.

Berkshire bought 68.9 million shares of Paramount to build a $2.6 billion stake by the end of March, according to a regulatory filing published Monday.

Paramount was Berkshire’s 18th-largest holding at the end of the first quarter. The new holding adds another streaming property to Berkshire’s portfolio, whose top holding is Apple.

The media company changed its name from ViacomCBS to Paramount in February to highlight its flagship streaming service, Paramount+. While Paramount missed earnings expectations in its most recent quarterly report, Paramount+ added 6.8 million subscribers in the first quarter.

Paramount shares are beating the market this year, down 7.2% versus the S&P 500’s 14.9% decline.

It’s unclear whether the purchase of Paramount stock came from Buffett or one of his proxy investors, Todd Combs and Ted Weschler. Combs and Weschler independently manage approximately $30 billion of the conglomerate’s equity portfolio. In recent years, Berkshire has bought a number of tech names under its influence, including Apple and Activision.

Berkshire also added new holdings in HP and Citigroup during the first quarter, among other changes to its stock portfolio

– CNBC’s Yun Li contributed to the coverage. Paramount shares are up about 14% after Buffett’s Berkshire announced a new holding

Gary B. Graves

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