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Official Report Reveals Strategic Change After Years of Criticism of the Newspaper Sector and Reinforces Commitment to the Digital Subscription Model
A significant movement in the international financial market was confirmed in February 2026, when Berkshire Hathaway submitted its 13-F report to the SEC, the regulatory body in the United States, regarding the fourth quarter of 2025. The document revealed that Warren Buffett included shares of The New York Times in the conglomerate’s portfolio before ending his tenure at the company.
The investment totaled US$ 351.6 million at the end of 2025, according to official data submitted to the regulatory authority. While it represents a fraction of the US$ 274 billion invested in stocks by Berkshire, the decision symbolizes a significant strategic inflection in light of the investor’s recent history with the journalism sector.
Strategic Change After Critical Statements
Six years earlier, in 2019, Buffett publicly stated that the newspaper market was practically over. However, in 2018, during an annual shareholder meeting, he had already acknowledged that outlets such as The Wall Street Journal, The New York Times, and possibly The Washington Post had solid enough digital models to withstand the decline of print circulation.
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Still, in January 2020, Berkshire sold its newspaper operations for US$ 140 million, as reported at the time. The group divested dozens of newspapers, including the Omaha World-Herald in Nebraska, home of the conglomerate, as well as the Buffalo News, acquired in 1977.
Therefore, the inclusion of The New York Times in the portfolio in 2025 represents an objective change in positioning. The focus shifts from the traditional print model to concentrating attention on the sustainability of the digital subscription-based model.
Financial Performance Supports Decision
The New York Times ended 2025 with 12.8 million digital subscriptions, according to a corporate balance sheet released by the company itself. The publicly stated goal is to reach 15 million by the end of 2027.
In addition, the newspaper increased revenues from complementary products, such as games and digital cooking recipes. In financial terms, the company reported US$ 2.8 billion in revenue in 2025, of which 69% came from subscriptions. Operating profit for the period reached US$ 431.6 million.
This performance reinforces that the established digital model was pivotal for the investment decision. The strategy highlights that recurring revenue generation has become a central element in assessing the asset.
The Weight of the Investment Within Berkshire
Despite the symbolism, the stake in The New York Times still occupies a small space within the total portfolio. Currently, nearly half of Berkshire’s stock portfolio is concentrated in two companies.
Apple represents 23% of the holdings, while American Express accounts for 21%. Together, these two positions total approximately US$ 118 billion under management.
In addition to these, the conglomerate maintains significant stakes in Bank of America (10%), Coca-Cola (10%), and Chevron (7.2%). Thus, the investment in the newspaper constitutes a strategic position, albeit proportionally smaller.
Regulatory Transparency and Historical Context
All the information is included in the 13-F report submitted to the SEC on February 17, 2026, reinforcing the transparency required by the North American financial market. The move occurred before Buffett’s retirement from executive leadership at Berkshire.
Thus, the decision comes in a historical context of digital transformation in the media sector. The investment does not indicate a return to the traditional model of print newspapers, but rather recognition of the strength of the digital subscription ecosystem.
For you, does the bet on The New York Times signal merely a pinpoint diversification, or does it mark the beginning of a new strategic vision for the future of digital media?
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