Buffett says Berkshire sold its entire Paramount stake: ‘We lost quite a bit of money' [CNBC]
Apollo Global Management, Inc. (New) (APO)
Last apollo global management, inc. (new) earnings: 5/1 07:00 am
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Source: CNBC
“I was 100% responsible for the Paramount decision,” Buffett said at Berkshire's annual shareholder meeting. “It was 100% my decision, and we've sold it all and we lost quite a bit of money.” Berkshire owned 63.3 million shares of Paramount as of the end of 2023, after cutting the position by about a third in the fourth quarter of last year, according to latest filings. Berkshire first bought a nonvoting stake in Paramount in the first quarter of 2022. Since then the media company has had a tough ride, experiencing a dividend cut, earnings miss and a CEO exit. The stock declined 44% in 2023 and another 12% in 2023. Just this week, Sony Pictures and private equity firm Apollo Global Management sent a letter to the Paramount board expressing interest in acquiring the company for about $26 billion. The firm has also been having takeover talks with David Ellison's Skydance Media. Paramount has struggled in recent years, suffering from declining revenue as more consumers abandon t
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APO
Earnings
- 5/2/24 - Beat
APO
Sec Filings
- 5/17/24 - Form 4
- 5/13/24 - Form 4
- 5/10/24 - Form 4
- APO's page on the SEC website