Irrespective of his position in any official capacity, Warren Buffett continues to be poignantly relevant in the world of investing. Even though he has now stepped down as the CEO of Berkshire Hathaway (BRK.A) (BRK.B), in his last days at the helm of the multi-billion-dollar conglomerate, he made some notable moves. While his reduction of stakes in some of his all-time favorites, like Bank of America (BAC) and Apple (AAPL), may draw more attention, it is his investment in a legacy newspaper company that ...

1,073,658-$3.013.28%$88.85[Allstate][ALL]• Vol: 624,567-$6.212.92%$206.11 over six decades, Warren Buffett has transformed Berkshire Hathaway (NYSE:BRK-A)(NYSE:BRK-B) from a struggling…]## Wednesday Is Warren Buffett's Last Day. Is Berkshire Hathaway a Buy Without Him? [Rich Duprey | Dec 29, 2025 at 12:03 PM EST Warren Buffett's extraordinary six-decade tenure as CEO of Berkshire Hathaway (NYSE:BRK-A)(NYSE:BRK-B) comes to a close on Wednesday. The 95-year-old legendary…]## Warren Buffett Is About to Retire. ...

Quick Read Warren Buffett’s final major investment was The New York Times (NYT) before Berkshire Hathaway (BRK-A) transitioned to Greg Abel. Berkshire’s newest 13F also shows continuing sales of Apple (AAPL) and a major reduction in Amazon (AMZN) ownership. The New York Times grew to 12.8 million digital subscribers and increased net income 243% to $344M since 2020. Berkshire holds record $381.6B in cash and recently increased its Alphabet stake by $4B in Q3 2025. A recent study identified one sing ...

沃伦・巴菲特六年前出售了伯克希尔・哈撒韦旗下所有报纸资产，并预言报业多数领域将持续衰退。本 周二，伯克希尔披露对《纽约时报》新增 3.5 亿美元投资。 这一略显意外的举动，在巴菲特担任 CEO 的最后一个季度、伯克希尔向美国证券交易委员会提交的季 度持仓更新文件中得以披露。此外，就在特朗普总统下令逮捕委内瑞拉总统前，伯克希尔增持了雪佛龙 股份；这家总部位于奥马哈的公司还继续减持美国银行与苹果股票。 2020 年巴菲特出售伯克希尔旗下数十家报纸时，曾断言报业 "已穷途末路"。但即便当时，他也认为 《纽约时报》《华尔街曰报》这类全国性品牌报纸仍可能表现良好。 "对伯克希尔・哈撒韦而言，重新投资新闻业是一次回归；这也是伯克希尔对《纽约时报》商业战略的 强力背书。" 西北大学梅迪尔新闻学院地方新闻方向教授兼系主任蒂姆・富兰克林表示。 富兰克林称，《纽约时报》虽发源于报业，但如今已是蓬勃发展的数字业务：拥有《Wordle》等热门游 戏、知名体育平台 The Athletic，数字订阅用户超 1200 万。他认为，处境艰难的地方报纸可从这家 "数 字新闻巨头" 身上汲取经验，推出线上游戏、打造读者无法从别处获得的本地体育 ...

OMAHA, Neb. (AP) — Six years after Warren Buffett sold off all of Berkshire Hathaway's newspapers and predicted unending declines for most of the industry, Berkshire disclosed a new $350 million investment in The New York Times on Tuesday. The somewhat surprising move highlighted the quarterly update Berkshire filed with the Securities and Exchange Commission about the company's stock holdings in Buffett's last quarter as CEO. Berkshire also increased its investment in Chevron just before President Donald ...

Financial Data and Key Metrics Changes - In 2025, the company added 1.4 million net new digital subscribers, bringing the total to 12.8 million subscribers, with a goal of reaching 15 million [9][18] - Total digital revenues exceeded $2 billion for the first time, with adjusted operating profit (AOP) growing over 20% and margins expanding to 19.5% [9][19] - Digital subscription revenues grew 14% year-over-year, while total subscription revenues increased approximately 9% [22][24] - AOP for 2025 reached approximately $550 million, with a year-over-year growth of about 21% [19][24] - Free cash flow generation was approximately $551 million, reflecting a robust AOP and capital-efficient model [19] Business Line Data and Key Metrics Changes - Digital advertising revenues increased by 25%, contributing to a total advertising revenue growth of 16% [10][22] - The company reported strong performance across multiple products, with digital subscription revenues growing to $382 million in Q4 [22] - The Family Plan subscription offering has been positively received, contributing to subscriber growth [21] Market Data and Key Metrics Changes - The company operates in a challenging media environment characterized by polarization and low trust, but believes it is well-positioned to navigate these trends [10][11] - The company sees significant opportunities in engaging with global markets through its diverse portfolio of products [11][12] Company Strategy and Development Direction - The company aims to enhance its journalism and digital products, focusing on video content as a strategic investment area [13][14] - Plans for 2026 include continued growth in subscribers, revenue, AOP, and margin expansion, with a focus on building a larger and more engaged audience [14][25] - The company emphasizes the importance of independent journalism and its role in society, aiming to adapt and thrive amid industry changes [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to pursue growth opportunities and navigate industry challenges, citing a strong execution of its long-term strategy [9][10] - The company anticipates another year of healthy growth in 2026, with expectations for increased digital subscription revenues and advertising revenues [24][25] Other Important Information - The company announced an increase in the quarterly dividend from $0.18 to $0.23, reflecting its capital allocation strategy [20] - The company plans to discontinue reporting digital-only subscribers and ARPU by product categories, focusing instead on total digital-only subscribers and ARPU [21] Q&A Session Summary Question: Digital ad growth breakdown - Management noted that digital ad growth was driven by increased supply, improved demand, and effective ad products, leading to higher engagement and repeat purchases from marketers [27][28] Question: Capital allocation strategy - The company remains committed to returning at least 50% of free cash flow to shareholders while prioritizing organic investments in its subscription strategy [35][37] Question: Password sharing approach - Management discussed the Family Plan as a way to encourage engagement and revenue growth, viewing it as a positive strategy rather than a crackdown on password sharing [39][41] Question: Video journalism initiative - The company sees video as a significant long-term opportunity and is ramping up production, focusing on scalable formats and engaging content [45][49] Question: Single product growth and conversion potential - Management expressed confidence that single product users can be converted to more valuable bundle subscriptions, indicating a successful strategy in the subscription funnel [80][81] Question: Contract negotiations with NewsGuild - Management stated that they have a productive relationship with unions and are well-prepared for ongoing contract negotiations [86]

Financial Data and Key Metrics Changes - In 2025, the company added 1.4 million net new digital subscribers, bringing the total to 12.8 million, with a goal of reaching 15 million subscribers [10][18] - Total digital revenues exceeded $2 billion for the first time, with adjusted operating profit (AOP) growing over 20% and margins expanding to 19.5% [10][19] - Digital subscription revenues grew 14% year-over-year, while total subscription revenues increased approximately 9% [22][25] - AOP grew by approximately 21% year-over-year to $550 million, with AOP margin expanding by approximately 190 basis points [19][24] Business Line Data and Key Metrics Changes - Digital advertising revenues increased by 25%, contributing to total advertising revenue growth of 16% [11][22] - Licensing, affiliate, and other revenues grew by 5.5% to $100 million, primarily due to higher licensing revenues [24] - The company reported a digital-only average revenue per user (ARPU) of $9.72, reflecting a positive trend in pricing strategies [21][60] Market Data and Key Metrics Changes - The company experienced strong engagement across its portfolio, which contributed to significant growth in digital advertising [10][11] - The advertising market showed improved demand, allowing the company to secure larger deals with existing marketers and attract new ones [30][77] Company Strategy and Development Direction - The company aims to leverage its world-class journalism and lifestyle products to engage a larger audience, with a focus on video content as a key growth area [12][14] - The strategic priorities for 2026 include enhancing journalism formats, expanding product offerings, and navigating technological changes to increase value for audiences [15][26] - The company plans to continue investing in high-quality journalism and digital product experiences while maintaining operational efficiency [25][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the media landscape, including a polarized environment and competition from powerful platforms, but expressed confidence in the company's strategic positioning [11][12] - The outlook for 2026 includes expectations for continued subscriber growth, revenue growth, AOP growth, margin expansion, and strong free cash flow generation [15][26] Other Important Information - The company returned approximately $275 million to shareholders in 2025, including $165 million in share repurchases and $110 million in dividends [19][20] - The quarterly dividend was increased from $0.18 to $0.23, aligning with the company's capital allocation strategy [20][38] Q&A Session Summary Question: Digital ad growth breakdown - Management noted that digital ad growth was driven by increased supply, improved engagement, and a stronger demand environment [28][30] Question: Cost guidance for Q1 - Management explained that the cost guidance reflects ongoing investments in video and other strategic areas, while maintaining a focus on revenue growth outpacing cost growth [32][33] Question: Capital allocation strategy - The company reiterated its commitment to returning at least 50% of free cash flow to shareholders while prioritizing organic investments in its subscription strategy [37][38] Question: Password sharing approach - Management discussed the Family Plan as a way to encourage engagement and revenue growth, viewing it as a positive strategy rather than a punitive measure [40][41] Question: Video journalism initiative - The company sees video as a significant long-term opportunity and is ramping up production to establish itself as a preferred brand for news consumption [46][48] Question: Single product growth and conversion potential - Management expressed confidence in the ability to convert engaged single product users into more valuable bundle subscriptions, highlighting the interconnectedness of their product offerings [81][82] Question: Contract negotiations with NewsGuild - Management indicated confidence in navigating contract negotiations with unions, emphasizing a history of productive relationships [87]

Financial Data and Key Metrics Changes - In 2025, the company added 1.4 million net new digital subscribers, bringing the total to 12.8 million subscribers, moving towards the milestone of 15 million [7][17] - Total digital revenues exceeded $2 billion for the first time, with adjusted operating profit (AOP) growing over 20% and margins expanding to 19.5% [7][18] - Digital subscription revenues grew 14% year-over-year, while total subscription revenues increased approximately 9% [21][23] - AOP for 2025 reached approximately $550 million, with a year-over-year growth of about 21% [18][19] - Free cash flow generation was approximately $551 million, reflecting a robust AOP and capital-efficient model [18] Business Line Data and Key Metrics Changes - Digital advertising revenues increased by 25%, contributing to a total advertising revenue growth of 16% [8][22] - Licensing, affiliate, and other revenues grew by 5.5% to $100 million, primarily due to higher licensing revenues [22] - The company reported a total digital-only average revenue per user (ARPU) of $9.72, reflecting an increase year-over-year [20] Market Data and Key Metrics Changes - The company experienced strong engagement across its portfolio, which contributed to significant growth in digital advertising [7][8] - The advertising market showed improved demand, allowing the company to secure larger deals with existing marketers and attract new ones [29] Company Strategy and Development Direction - The company aims to navigate the rapidly changing information ecosystem by leveraging its unique advantages, including world-class journalism and a diversified product portfolio [10][12] - Plans for 2026 include expanding video content, enhancing product offerings, and maintaining a focus on high-quality journalism [13][25] - The company is committed to building a larger and more engaged audience, with expectations for continued subscriber and revenue growth [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a polarized, low-trust environment but expressed confidence in the company's ability to adapt and thrive [9][14] - The outlook for 2026 includes expectations for subscriber growth, revenue growth, AOP growth, margin expansion, and strong free cash flow [25] Other Important Information - The company announced an increase in the quarterly dividend from $0.18 to $0.23, consistent with its capital allocation strategy [19] - The company plans to discontinue reporting digital-only subscribers and ARPU by product categories, focusing instead on total digital-only subscribers and ARPU [20] Q&A Session Summary Question: Digital ad growth breakdown - Management noted that digital ad growth was driven by new supply, engagement, and improved demand from marketers [27][28] Question: Cost guidance for Q1 - Management explained that the cost guidance reflects ongoing investments, particularly in video, while maintaining a disciplined approach to cost management [30][31] Question: Capital allocation strategy - The company reiterated its commitment to return at least 50% of free cash flow to shareholders while prioritizing organic investments in its subscription strategy [35][37] Question: Password sharing approach - Management discussed the Family Plan as a way to encourage engagement and potentially address password sharing in the future [39][41] Question: Video journalism initiative - The company sees video as a significant long-term opportunity and is ramping up production to establish itself as a preferred brand for news consumption [45][46] Question: Single product growth and conversion potential - Management expressed confidence that single product growth is expanding the funnel for future subscription conversions [80][81] Question: Contract negotiations with NewsGuild - Management indicated confidence in navigating contract negotiations with unions, emphasizing a history of productive relationships [85][86]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenues grew approximately 9.5% year-over-year, with adjusted operating profit (AOP) increasing by approximately 26% and AOP margin expanding by approximately 240 basis points [10][11] - Free cash flow generated in the first nine months of the year was approximately $393 million, reflecting a capital-efficient model [10] - Adjusted diluted EPS in Q3 increased by $0.14 to $0.59, primarily driven by higher operating profit [13] Business Line Data and Key Metrics Changes - The company added 460,000 net new digital subscribers in Q3, bringing the total subscriber base to approximately 12.3 million, with digital subscription revenue increasing by 14% to $367 million [4][12] - Total subscription revenues grew approximately 9% to $495 million, in line with guidance [12] - Digital advertising revenues increased approximately 20% to $98 million, while total advertising revenues grew approximately 12% to $132 million [12][13] Market Data and Key Metrics Changes - Digital advertising growth was attributed to strong marketer demand and new advertising supply, indicating a robust market environment [12][40] - Affiliate licensing and other revenues increased approximately 8% to $74 million, primarily due to higher licensing revenues [13] Company Strategy and Development Direction - The company is focused on a multi-revenue stream model that includes subscription, advertising, licensing, and affiliate revenues, all of which are growing [3][4] - The strategy emphasizes enhancing product value through video, audio, and AI, aiming to engage a larger audience and drive subscriber growth [5][7] - The company aims to become more essential to a broader audience, expecting to deliver more value for shareholders and society [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate a dynamic market environment, highlighting the importance of independent journalism and compelling product experiences [9][14] - The outlook for Q4 includes expectations for digital-only subscription revenues to increase by 13%-16% and total subscription revenues to grow by 8%-10% [14] Other Important Information - The company has maintained disciplined expense growth while investing in journalism and product experiences, which are seen as sources of long-term advantage [8][10] - The family plan subscription offering has shown positive results, contributing to market penetration and engagement [11][18] Q&A Session Summary Question: Can you elaborate on the video format and its impact on advertising? - Management sees video as a significant opportunity for engagement and brand building, with potential for expanding into video advertising opportunities [16][17] Question: What is the growth rate in operating expenses for Q4? - The company expects adjusted operating costs to increase by 6%-7%, driven by investments in journalism and product development [21][23] Question: Can you discuss the dynamics behind advertising growth? - The advertising growth is attributed to a combination of market demand and new product innovations, with a focus on providing more value to advertisers [39][40] Question: How is The Athletic performing? - The Athletic continues to perform well, contributing positively to engagement and advertising, with the introduction of NFL footage enhancing its product offering [46] Question: Are single product subscriptions converting to higher value products as expected? - The model is working as designed, with single products driving audience engagement and contributing to overall subscription and advertising growth [48]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenues grew approximately 9.5% year-over-year, with adjusted operating profit (AOP) increasing by approximately 26% and AOP margin expanding by approximately 240 basis points [10][11] - Free cash flow generated in the first nine months of the year was approximately $393 million, reflecting a capital-efficient model [10] - Adjusted diluted EPS in Q3 increased by 14 cents to 59 cents, primarily driven by higher operating profit [13] Business Line Data and Key Metrics Changes - The company added 460,000 net new digital subscribers in Q3, bringing the total subscriber base to approximately 12.3 million, with digital subscription revenue increasing by 14% to $367 million [4][12] - Total advertising revenues for the quarter were $132 million, an increase of approximately 12%, with digital advertising revenues increasing approximately 20% to $98 million [12][13] - Affiliate licensing and other revenues increased approximately 8% to $74 million, primarily due to higher licensing revenues [13] Market Data and Key Metrics Changes - Digital-only average revenue per user (ARPU) grew 3.6% to $9.79, reflecting successful pricing strategies [12] - The company expects digital-only subscription revenues to increase by 13-16% and total subscription revenues to increase by 8-10% in Q4 [14] Company Strategy and Development Direction - The company emphasizes a multi-revenue stream model, including subscription, advertising, licensing, and affiliate revenues, which are all growing [3][4] - The strategy focuses on enhancing product value through video, audio, and AI, aiming to engage users more effectively [5][7] - The company aims to become more essential to a larger audience, thereby increasing shareholder value and societal impact [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate a changing media landscape, highlighting persistent demand for quality journalism [9] - The company plans to continue disciplined investments in journalism and product experiences while maintaining cost efficiency [14] Other Important Information - The company returned approximately $191 million to shareholders, consisting of share repurchases and dividends, consistent with its capital allocation strategy [10][11] - The family plan subscription offering is performing well, contributing positively to market penetration and engagement [18] Q&A Session Summary Question: Video format opportunity and advertising impact - Management sees video as a significant growth opportunity and is focused on increasing engagement before fully monetizing through advertising [16][17] Question: Growth rate in operating expenses for Q4 - Management indicated that the growth in operating expenses is driven by investments in journalism and product development, with a focus on long-term sustainable growth [21][22] Question: Dynamics of advertising growth - Management noted that advertising growth is attributed to a combination of market demand and new product innovations, with a focus on providing value to advertisers [40][42] Question: Performance of The Athletic - Management confirmed that The Athletic is performing well, contributing positively to engagement and advertising revenue [50] Question: Conversion rates from single product subscribers - Management stated that single product subscriptions are effectively driving audience engagement and conversion to higher-value products [52]