Berkshire Hathaway Reinvests in The New York Times, Shifts Apple and Amazon Holdings

Berkshire Hathaway, led by Greg Abel following Warren Buffett’s transition, has re-established a position in The New York Times, acquiring approximately 5.07 million shares valued at $351.7 million as of December 31, 2025. The U.S. Securities and Exchange Commission (SEC) filing revealed this investment, signaling a renewed interest in the media sector after Buffett sold Berkshire’s newspaper business in 2020.

Investment Details and Portfolio Adjustments

The New York Times stock experienced a 4% increase in after-hours trading following the announcement. Berkshire’s portfolio adjustments also included a 4% reduction in its stake in Apple, which remains its largest equity position at $62 billion, and a significant sale of 77% of its 10 million shares in Amazon.com. These shifts occurred during the fourth quarter of 2025, marking the end of Buffett’s 60-year leadership as CEO.

Leadership Transition and Investment Strategy

Greg Abel assumed the role of chief executive on January 1, 2026, with Warren Buffett continuing as chairman. The SEC filing does not specify whether the investment decisions were made by Buffett, Abel, or portfolio managers Ted Weschler or Todd Combs, the latter of whom recently departed for JPMorgan Chase. Investors often react positively to Berkshire’s investments, viewing them as a sign of confidence, and it remains to be seen if this pattern will continue under Abel’s direction.

Buffett’s Past Views on the Newspaper Industry

Warren Buffett, who once distributed newspapers as a teenager, previously expressed optimism about the industry, particularly regarding the digital models of The New York Times, The Wall Street Journal, and The Washington Post. He believed these publications had the potential to offset declines in print circulation and advertising revenue. In 2020, Berkshire sold its newspaper business, including the Omaha World-Herald, to Lee Enterprises for $140 million and became Lee’s sole creditor.

Challenges in the Media Landscape

Yet, the media landscape has proven challenging. The Washington Post, owned by Amazon founder Jeff Bezos, recently faced difficulties and implemented layoffs, reducing its workforce by approximately one-third.

Other Portfolio Changes

During the fourth quarter, Berkshire also increased its holdings in Chevron and Chubb, while reducing its positions in Aon and Bank of America. Further details regarding Berkshire’s investments are expected in the company’s annual report and Abel’s first letter to shareholders, scheduled for release on February 28.

Cautious Approach to Valuations

Analysts note that Berkshire has adopted a cautious approach to valuations, having refrained from share buybacks for over a year and major acquisitions for a decade. Berkshire’s diverse holdings extend beyond stocks to include BNSF railroad, Geico auto insurance, energy and manufacturing companies, and retail brands like Brooks, Dairy Queen, Fruit of the Loom, and See’s.