Warren Buffett’s Berkshire Hathaway has bolstered its media holdings with a big buy in 21st Century Fox, Fortune magazine reports.
“In a quarterly filing with the Securities and Exchange Commission Tuesday, Berkshire revealed that it bought 4.7 million shares of the Rupert Murdoch-run company during the fourth quarter,” the publication reports. “The company was formed as the result of the 2013 split of News Corp.’s publishing and mass media businesses and, last year, Murdoch used it to make an unsuccessful run at buying rival Time Warner.”
The move by Buffett’s company, which also ditched all of its shares in oil-giant Exxon Mobil, follows an investment by Berkshire Hathaway last year in cable TV operation Charter Communications.
“The firm first revealed its investment in Charter last summer and Tuesday’s filing showed that Berkshire increased its stake in the cable provider from nearly 5 million shares to 6.2 million during the fourth quarter,” Fortune notes. “The firm also raised its stakes in satellite television company DirecTV, Viacom and Liberty Global.”
The report notes that John Malone, chair of Liberty Global, also is chair of Charter’s largest shareholder, Liberty Media.