In a striking reversal of his previously bearish stance on print media, Warren Buffett’s Berkshire Hathaway has unveiled a substantial $350 million investment in The New York Times Company. The move, disclosed in Berkshire’s quarterly SEC filing covering Buffett’s final quarter as CEO, signals a notable shift in perspective toward media enterprises with successful digital transformation strategies.
The investment comes precisely five years after Buffett liquidated Berkshire’s entire newspaper portfolio, famously declaring the traditional industry “toast” in 2020. At that time, however, he had acknowledged that nationally recognized brands like The New York Times or Wall Street Journal might still thrive through digital adaptation.
Northwestern University’s Medill School of Journalism Chair Tim Franklin described the investment as “a full circle moment for Berkshire Hathaway in reinvesting in news and a huge vote of confidence in the business strategy of the New York Times.” Franklin emphasized that the Times has evolved beyond its print origins into a multifaceted digital enterprise, boasting popular assets like Wordle, The Athletic sports platform, and over 12 million digital subscribers.
The filing also revealed Berkshire’s continued positioning in energy markets, adding approximately 8 million Chevron shares to reach over 130 million shares total. This expansion preceded President Trump’s order for the arrest of Venezuela’s president, which subsequently boosted oil stocks. Chevron, as the only major U.S. oil company with significant Venezuelan operations producing roughly 250,000 barrels daily, has seen its stock surge nearly 19% since early 2026.
Meanwhile, Berkshire continued reducing positions in previously favored holdings, selling approximately 50 million Bank of America shares while maintaining 81 million, and trimming its massive Apple stake by about 10 million shares while retaining nearly 228 million.
The quarterly filing doesn’t specify whether Buffett personally authorized the Times investment or if it was executed by one of Berkshire’s other investment managers. Given the $350 million size falls below Buffett’s typical $1 billion threshold for personal oversight, the decision may have originated from his successors. Nonetheless, the move has already influenced market behavior, with Times shares jumping nearly 3% in after-hours trading following the disclosure.