Warren Buffett has made one other notable portfolio transfer, slashing Berkshire Hathaway’s Amazon stake by greater than 77% whereas additionally opening a brand new place in The New York Instances. The shift exhibits Buffett persevering with to rotate away from some huge tech holdings and into what appears to be like like a extra selective mixture of media and conventional companies.
The Amazon sale is the headline transfer. Berkshire diminished its holdings to roughly 2.3 million shares after first constructing the place in 2019, a pointy reversal for an organization that after seen Amazon as one in every of its most attention-grabbing large-cap bets.
In keeping with the newest submitting, as reported by The Motley Idiot, Berkshire trimmed its Amazon place by greater than 75% within the quarter, leaving the stake price solely a small fraction of the agency’s general portfolio. The discount seems to be a part of a broader reshuffling of Berkshire’s fairness ebook quite than a one-off commerce.
That issues as a result of Amazon had represented one in every of Buffett’s extra stunning modern-era investments.
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He had lengthy mentioned he regretted not shopping for the inventory earlier, so a big discount suggests the thesis has modified, the valuation has turn into much less engaging, or Berkshire merely prefers different alternatives proper now.
It additionally matches a broader sample. Berkshire has been trimming different giant holdings, too, together with Apple and Financial institution of America, which suggests Buffett has been steadily decreasing focus in a few of his largest positions.
On the similar time, Berkshire initiated a brand new place in The New York Instances price about $351.7 million, or roughly 5.1 million shares. That makes the newspaper firm one of many extra attention-grabbing new additions to Berkshire’s public portfolio.
The transfer is notable as a result of Buffett as soon as referred to as the newspaper trade “toast,” The Motley Idiot famous, after Berkshire exited its newspaper possession years in the past. Shopping for into The New York Instances now suggests he sees one thing totally different within the trendy digital model of the enterprise.
That’s the actual story right here. Berkshire shouldn’t be backing the previous print mannequin; it’s backing an organization that has turned itself right into a scaled subscription and digital media platform.
The New York Instances generated roughly $551 million in free money circulate, the form of efficiency that issues to Warren Buffett-style investing.Blue/Getty Photos
The numbers inform many of the story. The New York Instances ended 2025 with 12.8 million whole subscribers after including 1.4 million web new digital subscribers throughout the 12 months, in accordance with Yahoo Finance. That places it on tempo to hit its acknowledged objective of 15 million subscribers by the tip of 2027.
Digital income crossed $2 billion for the primary time in 2025. Digital subscription income grew roughly 14% for the 12 months, whereas digital promoting jumped 20%, Proactive reported.
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Adjusted working revenue grew greater than 20% to $550 million, and the corporate generated roughly $551 million in free money circulate.
That form of efficiency issues to Buffett-style investing as a result of it exhibits pricing energy and recurring income.
An organization that may continue to grow subscribers and lift costs with out destroying demand begins to look much less like a fading media enterprise and extra like a sturdy shopper platform.
The Instances had 12.8 million whole subscribers at year-end 2025, up by 1.4 million web new digital subscribers within the 12 months, in accordance with Proactive.
Complete digital income surpassed $2 billion for the primary time in 2025, GuruFocus reported.
It generated free money circulate of roughly $551 million in 2025, GuruFocus famous.
Adjusted working revenue grew greater than 20% to $550 million in 2025, The Instances’ This autumn 2025 earnings report confirmed.
The corporate’s trusted model and unique journalism place it as a resilient asset as AI-generated content material turns into extra widespread, in accordance with The Motley Idiot.
Analysts at The Motley Idiot additionally pointed to The Instances’ rising video journalism push as one other long-term draw.
CFO Will Bardeen mentioned throughout the firm’s fourth-quarter earnings name that “video specifically stays an essential space of strategic funding,” including that the corporate is “assured in our capability to generate robust returns” because it expands that channel, Motley Idiot famous.
In that sense, Berkshire’s funding appears to be like much less like a guess on journalism itself and extra like a guess on a high-quality digital subscription asset with a number of income streams and sturdy money circulate.
Amazon’s inventory stays one of many market’s most essential long-term progress tales, however it is usually a really totally different form of asset than The New York Instances. It’s bigger, extra advanced, and extra uncovered to competitors, logistics stress, and altering shopper demand.
Berkshire could merely be taking income after a robust run. Or it could consider that the upside from Amazon is now much less compelling than the upside from different names with stronger present money circulate or easier economics.
Both means, the discount exhibits Berkshire shouldn’t be married to anybody high-profile tech commerce. Even a inventory Buffett as soon as admired sufficient to purchase may be minimize aggressively if the chance set adjustments.
Buffett has all the time been keen to vary his thoughts when the details change. That appears to be what is occurring right here: Amazon should be a fantastic enterprise, however Berkshire seems to assume different alternatives supply a greater stability of danger, reward, and money technology proper now.
The New York Instances buy can be a reminder that Buffett doesn’t keep away from media completely. He’s merely extra concerned with companies which have proven they’ll survive the digital shift and create predictable money circulate.
That’s the reason the commerce is being interpreted as a strategic rotation quite than a serious thematic pivot. Berkshire continues to be shopping for high quality, simply in a unique a part of the market.
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This transfer comes as Berkshire has additionally been energetic elsewhere, together with in Chevron and Chubb, which suggests the agency is continuous to stability its portfolio throughout sectors quite than chase one theme too arduous.
That’s traditional Buffett conduct: keep opportunistic, keep affected person, and hold transferring capital towards what appears to be like most compelling on a risk-adjusted foundation.
The most recent submitting additionally exhibits how a lot Berkshire has advanced. It’s nonetheless a value-investing large, however its portfolio now consists of a mixture of old-economy money turbines, choose tech publicity, and digital companies that will have been arduous to think about in earlier a long time.
Buffett’s Amazon sale and New York Instances buy present that Berkshire continues to be keen to make sharp, significant adjustments when it sees a greater alternative. The message shouldn’t be that Amazon is a nasty firm; it’s that Buffett now not sees it as the very best use of Berkshire’s capital.
On the similar time, The Instances funding suggests he sees worth in companies which have efficiently tailored to the digital period and might nonetheless produce dependable money circulate.
That mixture makes this submitting traditional Buffett. Promote the place the margin of security appears to be like thinner, purchase the place the enterprise mannequin appears to be like sturdy, and hold the portfolio transferring towards high quality.
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This story was initially revealed by TheStreet on Apr 21, 2026, the place it first appeared within the Investing part. Add TheStreet as a Most well-liked Supply by clicking right here.
