Warren Buffett’s Berkshire Invests $350 Million in the New York Times/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ Berkshire Hathaway has disclosed a $350 million investment in The New York Times, six years after Warren Buffett exited the newspaper business. The move came in Buffett’s final quarter as CEO and surprised industry observers. Berkshire also increased its Chevron stake and trimmed holdings in Bank of America and Apple.
Berkshire Hathaway New York Times Investment Quick Looks
- $350 million stake disclosed in quarterly SEC filing
- First major news investment since 2020 newspaper sell-off
- Move revealed in Warren Buffett’s final quarter as CEO
- Chevron stake expanded; Bank of America and Apple reduced
- Times shares rose nearly 3% in after-hours trading
Deep Look: Warren Buffett’s Berkshire Invests $350 Million in the New York Times
Six years after declaring much of the newspaper industry “toast,” Warren Buffett’s Berkshire Hathaway has returned to the news business with a $350 million investment in The New York Times.
The new stake, disclosed in Berkshire’s latest quarterly filing with the Securities and Exchange Commission, marks a notable shift from Buffett’s 2020 decision to sell off all of the company’s newspaper holdings. At that time, Berkshire divested dozens of local papers, with Buffett warning that most traditional newspapers faced long-term structural decline.
Even then, however, Buffett made a distinction. He suggested that national brands with strong subscription bases — including The New York Times and The Wall Street Journal — might be positioned differently from struggling local publications. The latest investment suggests Berkshire sees enduring value in the Times’ evolving digital model.
The disclosure came in Buffett’s final quarter as CEO, following his decision to hand over leadership to Vice Chairman Greg Abel in January after more than six decades at the helm. While Berkshire’s quarterly filings do not specify which investment manager made each trade, Buffett historically handled investments exceeding $1 billion. Because the Times stake is below that threshold, it is unclear whether the purchase was personally directed by him or by one of Berkshire’s other portfolio managers.
Still, Buffett’s reputation looms large. Many investors closely track Berkshire’s stock disclosures, often mimicking the conglomerate’s moves due to Buffett’s long track record of outperforming the broader market. Following news of the Times investment, shares of the media company rose nearly 3% in after-hours trading.
Media analysts described the purchase as a symbolic moment for Berkshire. Tim Franklin, chair of local news at Northwestern University’s Medill School of Journalism, called it a “full circle” development that signals confidence in the Times’ business transformation. While rooted in print journalism, the company has aggressively expanded into digital offerings, including subscription-based games such as Wordle, sports coverage through The Athletic and a diversified subscription model that has surpassed 12 million digital subscribers.
The Times’ digital-first strategy has set it apart from many local newspapers that continue to struggle with advertising declines and reduced print circulation. Industry observers suggest that Berkshire’s investment may reflect confidence in subscription-driven revenue models that rely less on traditional advertising.
Beyond its move into media, Berkshire’s quarterly filing revealed several other significant portfolio adjustments during the final three months of 2025.
The conglomerate added approximately 8 million shares of Chevron, increasing its total holdings in the oil giant to more than 130 million shares. The timing proved advantageous, as Chevron’s stock surged after President Donald Trump pledged to reinvigorate Venezuela’s oil industry and following U.S. actions targeting Venezuelan leadership.
Chevron maintains joint ventures in Venezuela with state-owned oil company Petróleos de Venezuela S.A. (PDVSA) and produces roughly 250,000 barrels of oil per day there. Since the start of 2026, Chevron’s stock has risen nearly 19%, reflecting renewed investor optimism about global oil markets and geopolitical developments.
At the same time, Berkshire trimmed positions in two of its largest longstanding holdings. The company sold roughly 50 million shares of Bank of America, though it still retains nearly 81 million shares. Buffett first invested heavily in Bank of America in 2011, when the bank was grappling with fallout from the subprime mortgage crisis.
Berkshire also reduced its stake in Apple by about 10 million shares. Even after the reduction, it remains one of Berkshire’s largest holdings, with nearly 228 million shares at the end of 2025. Apple has long been considered one of Buffett’s most successful technology investments.
The latest portfolio moves highlight Berkshire’s ongoing strategy of balancing long-term core holdings with selective new opportunities. In addition to its stock investments, the conglomerate owns a broad collection of operating businesses outright, including insurer Geico, railroad operator BNSF, major utilities, and consumer brands such as Dairy Queen and See’s Candies.
The investment in The New York Times may also reflect broader confidence in premium subscription-based content models as traditional advertising-dependent media companies continue to face headwinds. While Buffett once expressed skepticism about the long-term viability of newspapers, he consistently emphasized economic moats — durable competitive advantages — as the foundation of sound investments.
For the Times, its global brand, diversified digital products and growing subscriber base may represent precisely the type of competitive moat that aligns with Berkshire’s investment philosophy.
Whether personally championed by Buffett or approved by his investment team, the $350 million stake underscores that while much of the newspaper industry continues to face challenges, select national media organizations have successfully reinvented themselves for the digital era.
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