On Tuesday, Berkshire Hathaway revealed a $350 million investment in the New York Times, a move that comes five years after Warren Buffett divested all of the company's newspaper holdings, forecasting a bleak future for the industry.
This unexpected decision emerged alongside Berkshire's quarterly update filed with the Securities and Exchange Commission, coinciding with Buffett's final quarter as CEO. The Omaha-based conglomerate also increased its stake in Chevron just before significant political developments in Venezuela, while continuing to reduce its shares in Bank of America and Apple.
Buffett's 2020 decision to sell Berkshire's extensive newspaper portfolio was rooted in his belief that the industry was “toast.” However, he acknowledged that national brands like the Times and the Wall Street Journal might still thrive.
“This is a full circle moment for Berkshire Hathaway in reinvesting in news and a huge vote of confidence by Berkshire in the business strategy of the New York Times,” remarked Tim Franklin, a professor at Northwestern University’s Medill School of Journalism.
Franklin emphasized that while the Times has its origins in traditional print media, it has successfully transformed into a digital powerhouse, boasting popular offerings such as Wordle and The Athletic, along with over 12 million digital subscribers. He suggested that struggling local newspapers could learn from the Times' evolution by exploring online games and enhancing local sports coverage.
The quarterly stock filings do not clarify whether Buffett personally orchestrated this investment or if it was managed by one of Berkshire's other investment teams. Typically, Buffett oversees investments exceeding $1 billion, leaving uncertainty about whether this stake aligns with his strategic vision.
Despite this ambiguity, many investors are likely to emulate Buffett's moves due to his impressive historical performance prior to passing the CEO role to Greg Abel in January after six decades at the helm. Following the announcement of Berkshire's stake, shares of the Times surged nearly 3% in after-hours trading.
Berkshire also acquired approximately 8 million additional shares of Chevron during the quarter, bringing its total to over 130 million. This investment proved timely as Chevron's stock has risen sharply since political promises were made regarding Venezuela's oil sector. Buffett has consistently expressed optimism about the oil industry, maintaining significant investments in both Chevron and Occidental Petroleum for several years.
Chevron stands out as the only major American oil company with substantial operations in Venezuela, producing around 250,000 barrels daily through joint ventures with Petróleos de Venezuela S.A., known as PDVSA. Since early 2026, Chevron's stock has appreciated nearly 19%, particularly following the U.S. operation that captured President Nicolás Maduro.
In addition to these notable investments, Berkshire's recent activities included selling roughly 50 million shares of Bank of America while retaining nearly 81 million shares of the bank, which Buffett began acquiring during its recovery from the subprime mortgage crisis. Furthermore, Berkshire trimmed its Apple holdings by about 10 million shares but still holds close to 228 million shares as of year-end.
Berkshire Hathaway's portfolio extends beyond stocks; it encompasses numerous wholly-owned companies, including insurance giants like Geico and a diverse array of utilities, railroads, and retail brands such as Dairy Queen and See's Candy.
