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Warren Buffett just invested $37 million in this stock

Warren Buffett just invested $37 million in this stock
Elmaz Sabovic

Warren Buffett, the well-known investor and Chairman of Berkshire Hathaway (NYSE: BRKA, BRKB), has expanded the company’s already extensive portfolio by purchasing shares in the Liberty SiriusXM Group (NASDAQ: LSXMA).

Between March 21 and March 25, Buffett executed transactions involving the acquisition of 1,276,439 LSXMK shares at a trading price of $28.83. This totaled over $36 million and increased Berkshire Hathaway’s holdings in the company to 57,886,716 shares.

During the same period, Buffett also bought 1,282,569 LSXMA shares at an average price of $28.80, totaling nearly $37 million in purchases and bringing the ownership to 30,234,193 shares.

The distinction lies in the voting rights: Series A common stock grants one vote per share, whereas Series C common stock is non-voting.

Buffett’s long history with the media

Led by Warren Buffett and boasting ownership in over 65 companies across various sectors, Berkshire Hathaway has a strong history of involvement in media and entertainment enterprises.

The 93-year-old billionaire has a significant connection to the industry, having previously owned 30 daily newspapers, including his hometown paper, the Omaha World-Herald, as part of Berkshire’s print publishing unit, BH Media Group.

Despite the challenges faced by the media industry, Buffett, a lifelong enthusiast of newspapers, has maintained enduring interest. Notably, The Washington Post was a key asset in Berkshire’s portfolio until it was sold to Jeff Bezos of Amazon (NASDAQ: AMZN) in 2014 for $250 million.

LSXMA stock price chart

Since the markets closed on March 25, LSXMA stock has been trading at $28.86, showing a gain of 0.38% compared to the previous closing price. However, there has been a retracement of -2.76% during the five trading sessions period.

When examining the chart since the beginning of 2024, LSXMA stock has experienced a loss of -1.20% in its value.

LSXMA stock YTD price chart. Source: Google Finance
LSXMA stock YTD price chart. Source: Google Finance

It’s difficult to determine whether Buffett intends to eventually take over this company or if he’s simply purchasing a stake out of nostalgia. However, with the sage of Omaha, there’s always something to learn, and perhaps this acquisition serves as a lesson to investors.

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