OMAHA, Neb. — Warren Buffett’s investment giant Berkshire Hathaway has made a stunning return to the media business with a $350 million stake in the New York Times, just five years after dumping all newspaper holdings and declaring the industry was finished.
The unexpected investment was revealed Tuesday in Berkshire’s quarterly filing with securities regulators, marking one of the final major moves during Buffett’s tenure as CEO. The Omaha-based conglomerate also boosted its Chevron holdings right before President Trump’s recent order to arrest Venezuela’s leader, while continuing to reduce positions in Bank of America and Apple.
Back in 2020, when Berkshire unloaded dozens of local newspapers, Buffett famously called the newspaper industry “toast.” However, he did note that national publications like the Times and Wall Street Journal might survive the industry’s struggles.
“It’s 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,” commented Tim Franklin, who leads Northwestern University’s Medill School of Journalism as a professor and chair of local news.
Franklin pointed out that today’s Times bears little resemblance to a traditional newspaper operation. The company has transformed into a digital media empire featuring popular online games like Wordle, The Athletic sports platform, and boasts over 12 million digital subscribers. He suggested local news outlets might learn from this “digital news powerhouse” by developing their own online games and emphasizing unique local sports coverage.
The quarterly reports don’t specify whether Buffett personally made these investment decisions or if other Berkshire portfolio managers were responsible. Typically, Buffett handles deals exceeding $1 billion, so the Times investment’s size makes his direct involvement uncertain.
Nevertheless, many investors will likely follow suit given Buffett’s legendary success over decades before passing the CEO role to Greg Abel in January after 60 years at Berkshire’s helm. Times shares climbed nearly 3% in after-hours trading following the stake disclosure.
Berkshire also acquired approximately 8 million additional Chevron shares during the quarter, bringing its total to more than 130 million shares in the energy company. This proved particularly timely as Chevron stock has surged since Trump pledged to revive Venezuela’s oil sector, though Buffett has maintained long-term optimism about energy investments through major stakes in both Chevron and Occidental Petroleum.
Chevron stands as the sole major U.S. oil company with substantial Venezuelan operations, producing roughly 250,000 barrels daily. The company, which began Venezuelan investments in the 1920s, operates through partnerships with state-owned Petróleos de Venezuela S.A. (PDVSA). Chevron shares have jumped nearly 19% since early 2026, just before U.S. forces captured Venezuelan President Nicolás Maduro in a raid.
Other significant portfolio changes during 2025’s final quarter included selling approximately 50 million Bank of America shares, though Berkshire retains nearly 81 million shares of the bank Buffett began purchasing in 2011 during its subprime mortgage crisis recovery. The company also reduced its massive Apple position by about 10 million shares while maintaining nearly 228 million shares at year’s end.
Beyond stock investments, Berkshire directly owns dozens of companies including insurance leader Geico, multiple utility companies, BNSF railroad, and various manufacturing and retail brands like Dairy Queen and See’s Candy.
