Buffett's Berkshire Takes $352 Million Stake in New York Times, Reversing "Toast" Call on Newspapers
Warren Buffett's Berkshire Hathaway disclosed a $351.7 million investment in The New York Times, marking a striking reversal for the 95-year-old investor who declared the newspaper industry "toast" just five years ago when his conglomerate sold off all 31 of its papers.
The investment, revealed in a quarterly SEC filing on Wednesday, shows Berkshire purchased 5.07 million shares in the 175-year-old publication at the end of 2025—right as Buffett stepped down as CEO after nearly six decades leading the company. For CFOs watching capital allocation strategies, the move signals renewed confidence in digital subscription models that have transformed legacy media economics, even as the broader industry faces continued headwinds.
"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," said Tim Franklin, a professor and chair of local news at Northwestern University's Medill School of Journalism.
The Oracle of Omaha, whose net worth stands at $149 billion, joins a growing roster of billionaires treating traditional media as investment-worthy despite the sector's well-documented struggles. Jeff Bezos acquired The Washington Post for $250 million in 2013, though that paper recently cut a third of its staff earlier this month after a turbulent decade under his ownership. Salesforce CEO Marc Benioff bought Time magazine, while Red Sox owner John Henry purchased the Boston Globe for $70 million shortly after Bezos's Post acquisition.
The timing of Berkshire's investment raises questions about what changed Buffett's assessment of newspaper economics. When Berkshire exited the industry in 2020, the conglomerate's newspaper division was hemorrhaging revenue as advertising dollars fled to digital platforms and print circulation collapsed. The Times, however, has distinguished itself through aggressive digital transformation, building a subscription base that extends beyond news into cooking, games, and audio content.
For finance leaders, the investment offers a case study in how patient capital views media turnarounds. Unlike venture-backed digital publishers that burned through cash chasing scale, the Times has maintained profitability while transitioning its revenue model. The company's ability to command premium subscription prices—and retain those subscribers—represents a rare success story in an industry littered with failures.
The disclosure also highlights Berkshire's evolving investment strategy in Buffett's absence from the CEO role. While the legendary investor built his reputation on "forever" holdings in predictable businesses, the media sector requires tolerance for ongoing disruption and technology-driven business model shifts—characteristics that don't typically align with Berkshire's historical playbook.
What remains unclear is whether this signals broader appetite for media investments at Berkshire, or represents a one-off bet on the Times's specific execution. The company's SEC filing provided no commentary on the investment rationale, leaving analysts to parse whether this reflects confidence in the Times's management, its subscriber metrics, or simply an attractive entry price.
The investment also arrives as media ownership concentration among billionaires draws increased scrutiny. Rupert Murdoch's family, worth nearly $19 billion, controls Fox News and extensive publishing assets through son Lachlan Murdoch's leadership. Critics argue this consolidation gives wealthy individuals outsized influence over public discourse, though defenders note these investors have often provided capital that kept struggling outlets alive.
For now, CFOs at media companies will be watching whether Buffett's vote of confidence attracts other institutional investors back to a sector many had written off as uninvestable.
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