Earlier this month, Shari Redstone’s Paramount Global laid off some 800 employees across the organization—a regrettable but inevitable cost-cutting exercise for a once-venerable legacy mediaco that has struggled to keep pace in the Netflix era, seen its market value depreciate by 75 percent in half a decade, and is now desperately looking for a buyer. Warren Buffett, the company’s largest shareholder, recently unloaded a third of his stock, leaving him with a rare loss. Presumably, he would sell more if it wouldn’t further chill the equity and diminish the rest of his position.
The Herridge Foundation
Dylan Byers
February 24, 2024
