Berkshire Hathaway, led by Warren Buffett and now Greg Abel, has re-entered the media landscape with a new investment in The New York Times, signaling a renewed confidence in the future of news despite broader industry challenges. The move, revealed in a recent Securities and Exchange Commission (SEC) filing, comes more than three years after Buffett largely exited the newspaper business, selling Berkshire’s local holdings to Lee Enterprises in 2020. This investment in The New York Times represents a shift, and a potential endorsement of the publication’s successful digital transition. The company’s strategic portfolio adjustments too included a reduction in its stake in Apple, though the tech giant remains Berkshire’s largest holding.
Berkshire Hathaway now holds approximately 5.07 million shares of The New York Times, valued at roughly $351.7 million as of December 31, 2025, according to the SEC filing. The investment sent shares of The New York Times Company up 4% to $76.99 in after-hours trading, demonstrating investor optimism about the partnership. This renewed interest in a major news organization underscores Buffett’s long-held belief that quality journalism can thrive, even in a rapidly evolving media environment. The broader context of this investment is Berkshire Hathaway’s ongoing evolution under new leadership, as Greg Abel officially took over as CEO on January 1st, though Buffett remains chairman.
A Shift in Strategy: From Divestment to Investment
Buffett, who once distributed newspapers as a youth, has a complex relationship with the news industry. He previously expressed concerns about the long-term viability of traditional print media, leading to the sale of Berkshire’s newspaper division. However, in 2018, he acknowledged to Berkshire shareholders that The New York Times, The Wall Street Journal, and potentially The Washington Post were uniquely positioned to succeed due to their developing digital subscription models. He stated these publications had the potential to offset declines in print circulation and advertising revenue. This latest investment suggests a reevaluation of that position, or at least a belief that The New York Times has successfully executed on that potential.
The decision to invest in The New York Times also stands in contrast to the recent struggles of other major news organizations. Notably, The Washington Post, owned by Amazon founder Jeff Bezos, recently announced significant layoffs, cutting approximately one-third of its staff. This highlights the varying degrees of success in navigating the digital transition within the industry. Berkshire’s move could be interpreted as a vote of confidence in The New York Times’ business model and its ability to maintain a strong position in the digital news landscape.
Portfolio Adjustments: Apple and Amazon
Alongside the investment in The New York Times, Berkshire Hathaway also made significant adjustments to its holdings in other major tech companies. The company reduced its stake in Apple by 4% during the fourth quarter of 2023, but Apple remains Berkshire’s largest equity holding, with a value of $62 billion. Berkshire also significantly reduced its position in Amazon.com, selling off 77% of its 10 million shares. These moves suggest a strategic rebalancing of Berkshire’s portfolio, potentially driven by concerns about valuation or a desire to diversify holdings.
These portfolio shifts are occurring during a period of transition for Berkshire Hathaway, as Greg Abel assumes the role of CEO following Buffett’s six decades of leadership. The SEC filing does not specify whether the investment decisions were made by Buffett, Abel, or portfolio managers Ted Weschler and Todd Combs (the latter of whom recently left for JPMorgan Chase). Investors will be closely watching to see if Abel continues Buffett’s investment philosophy or charts a new course for the company.
What’s Next for Berkshire Hathaway?
The lack of a named replacement for Buffett as chief investment officer leaves some uncertainty about the future direction of Berkshire’s investment strategy. The company has not yet outlined how investment decisions will be allocated moving forward. Investors generally react positively to Berkshire’s investments, viewing them as a sign of approval, and it remains to be seen whether this trend will continue under Abel’s leadership. Further details regarding Berkshire Hathaway’s investments are expected to be released in the company’s annual report and in Abel’s first letter to shareholders, scheduled for release on February 28th.
Analysts have noted that Berkshire Hathaway appears to be exercising caution regarding valuations, having not repurchased any shares in over a year and not undertaking a large acquisition in nearly a decade. The company’s vast holdings extend beyond equities to include businesses like the BNSF Railway, Geico insurance, and a range of manufacturing and consumer brands, including Brooks, Dairy Queen, Fruit of the Loom, and See’s Candies.
Disclaimer: This article provides information about investment decisions made by Berkshire Hathaway and should not be considered financial advice. Investing in the stock market involves risk, and past performance is not indicative of future results.
The coming weeks will be crucial as investors and analysts dissect Berkshire Hathaway’s annual report and Abel’s first letter to shareholders, seeking clues about the company’s future direction. The investment in The New York Times, coupled with the adjustments to its Apple and Amazon holdings, signals a period of evolution for one of the world’s most influential investment firms.
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