Warren Buffett’s Berkshire Hathaway disclosed a new $351.7 million investment in The New York Times Company (NYT).
The move was revealed in a regulatory 13F filing and marks a significant “full-circle” moment, coming six years after Buffett sold off his entire portfolio of local newspapers and declared the industry “toast.”
The Investment Details
The stake was built during the final quarter of 2025, during which Berkshire acquired approximately 5.1 million shares.
- Market Value: The stake was worth $351.7 million at the end of December 2025.
- Ownership Percentage: This represents roughly a 3% stake in the media giant.
- Timing: The investment was made during Buffett’s final quarter as CEO before he officially handed the reins to Greg Abel in January 2026.
- Stock Reaction: Following the disclosure, NYT shares surged over 10% in after-hours trading and eventually hit an all-time high as investors rallied around “Buffett’s blessing.”
Strategic Rationale: From “Toast” to “Digital Powerhouse”
While Buffett remains pessimistic about local newspapers, he has long maintained that national brands like the Times and The Wall Street Journal are unique.
- Digital Success: The Times has successfully transitioned into a digital media empire with over 12 million subscribers.
- Product Diversification: Beyond news, the company’s growth is driven by its “lifestyle” ecosystem, including Wordle (online games), The Athletic (sports), and NYT Cooking (recipes).
- Financial Resilience: In the fourth quarter of 2025, digital-only subscription revenue rose 13.9%, and digital advertising revenue climbed 24.9%.
- AI Moat: Investors believe the Times serves as a “trusted source” moat in an era increasingly crowded by AI-generated content.
Other Major Portfolio Shifts (Q4 2025)
The NYT investment was the only entirely new position in a quarter where Berkshire was largely a net seller.
| Company | Action | Remaining Stake / Context |
| Apple (AAPL) | Trimmed 4% | Still Berkshire’s largest holding at 228 million shares. |
| Bank of America (BAC) | Sold 50.8M shares | Continued a multi-quarter reduction of the bank stake. |
| Amazon (AMZN) | Sold 77% | Reduced to roughly 2.3 million shares. |
| Chevron (CVX) | Bought 8M shares | Total stake now exceeds 130 million shares. |
| Chubb (CB) | Increased Stake | Reached an 8.7% ownership in the insurance firm. |
Who Directed the Trade?
Since the investment is under $1 billion, it is unclear if Buffett personally directed the trade or if it was the work of his investment lieutenants, Ted Weschler or Todd Combs. Regardless, the market has treated the move as a definitive vote of confidence in the Times’ business model.
“It’s a full-circle moment… a huge vote of confidence by Berkshire in the business strategy of The New York Times.” — Tim Franklin, Northwestern University’s Medill School of Journalism.
