Berkshire Hathaway tripled its investment in The New York Times. The conglomerate now holds 15.1 million shares in the media company. This position carries a market value exceeding $1.1 billion. The purchase represents an approximate 9.4% stake.
An SEC filing revealed the transaction occurred during Greg Abel’s first three months as CEO. The move follows the retirement of Warren Buffett.
The investment signals an expanded bet on the newspaper industry. This sector has faced significant challenges over the past decade.