Viacom and the media industry received a bullish signal from renowned investor Warren Buffett, whose investment conglomerate Berkshire Hathaway added a new position in Viacom during the first quarter while also increasing other media investments, according to The Hollywood Reporter.
Berkshire Hathaway almost doubled its stake in Liberty Media and added to its position in DirecTV, the story adds.
At $76 million, Berkshire Hathaway’s position in Viacom is tiny in comparison with the company’s stakes in Walmart, IBM and other companies, the piece notes. The investment company’s portfolio was worth $75 billion at the end of the quarter, compared with $66 billion a year earlier.
The company also raised its stake in General Motors, while cutting back on Intel, Kraft Foods and Procter & Gamble, the story notes.