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Warren Buffett just bought $85 million of this stock

Warren Buffett just bought $85 million of this stock
Elmaz Sabovic

Warren Buffett, the acclaimed investor and Chairman of Berkshire Hathaway (NYSE: BRKA, BRKB), has notably expanded the company’s extensive portfolio by acquiring additional shares in the Liberty SiriusXM Group (NASDAQ: LSXMA).

Implemented on January 17, the transaction encompassed the purchase of 1,591,178 shares at a trading price of $30.39, totaling over $85 million. This resulted in a change of Berkshire Hathaway’s overall holdings in the company to 22,889,612 shares, as shared in a post on X by stock market analyst Evan on January 18.

This acquisition occurs just weeks after Buffett’s previous purchase of the same stock.

Previous acquisition and benefit to subsidiaries

Under the leadership of Warren Buffett, Berkshire Hathaway holds ownership stakes in over 65 companies across diverse sectors and has a notable history of engagement with media and entertainment enterprises.

Previous acquisition of Liberty Media stock signified a renewed interest in this industry. While in the past, The Washington Post was a key asset within Berkshire’s portfolio until it was sold to Jeff Bezos.

Following the first purchase of this Liberty SiriusXM Group stock, its subsidiaries, including Liberty Live Group (NASDAQ: LLYV.K), have posted strong numbers. Notably, Liberty SiriusXM Group experienced a significant upswing on Wall Street following its acquisition by Berkshire Hathaway this year. 

Under the ownership of Liberty Media, the LLYV.K stock is anticipated to witness a substantial increase in its share price due to this investment, with analysts estimating a 30% upside as of the current assessment.

Sirius XM is another gainer

Sirius XM Holdings (NASDAQ: SIRI) continues to demonstrate resilience, as only 19% of its total sales, amounting to $6.67 billion during the first nine months of 2023, originate from advertising. In contrast, 77% of the revenue is derived from subscriptions. With relatively stable costs, the company is currently considered a compelling investment. 

Although shares experienced a 10% decrease over the past year, SIRI surged by 20% following the Buffett acquisition.

Whether this renewed interest is a temporary or a long-term commitment to this industry from Buffett remains to be seen.

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