Just when you think the streaming wars may be starting to settle down, one of the world’s most famous businessmen Warren Buffett snaps up a major stake in Paramount Global.
Shares jumped over six per cent yesterday for the owner of MTV and Nickelodeon after it was revealed in a regulatory filing that Buffett’s holding company Berkshire Hathaway scooped up 68.9 million shares in the media firm worth an estimated $2.6bn.
While the iconic entrepreneur has investments in both Amazon and Apple, who are key rivals to Paramount’s evolving streaming service Paramount+, the move signals how the space continues to heat up for big US players.
The company notably rebranded from ViacomCBS to Paramount back in February as the company shifts its focus and carves its space in this highly competitive market when coming head to head with the likes of Disney+ and Warner Bros Discovery.
Sitting apart from Netflix’s woes last month, Paramount+ added 6.8 million subscribers in the first quarter of this year.
Buffett’s backing is notorious in the business world, and is known for investing in long-term successes or stocks that are currently undervalued in the market.