"While the position is small for Berkshire, accounting for only about 0.1% of its overall portfolio, it's meaningful for The New York Times. After buying nearly 5.1 million shares of The New York Times Co. during the quarter, the stake is now valued at more than $350 million, representing approximately a 3% stake in the company, which commands a market capitalization of more than $12 billion."
"Looking at The New York Times' financials, you can see why Berkshire was attracted to the company. It's firing on all cylinders. The company's digital-only subscription revenue in Q4 rose 13.9% year over year, and its digital advertising revenue climbed 24.9%. The company's total revenue rose 10.4% year over year to $802 million."
"While the small size of the new position suggests it likely wasn't a move by Warren Buffett himself during his last quarter as CEO, it could have been one of his investment lieutenants -- either Todd Combs, who left Berkshire in December amid a broader restructuring of Berkshire's leadership team, or Ted Weschler."
Berkshire Hathaway made a new investment in The New York Times during Q4 while conducting more sales than buys overall. The new holding totals nearly 5.1 million shares, representing about a 3% ownership stake valued at over $350 million against a market capitalization above $12 billion. The stake is small for Berkshire, roughly 0.1% of its portfolio, and may have been initiated by investment lieutenants such as Todd Combs or Ted Weschler. The New York Times reported strong momentum: digital-only subscriptions and digital advertising rose sharply, total revenue increased, adjusted EPS grew, and subscription growth was guided higher into Q1.
Read at The Motley Fool
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