Berkshire Hathaway's Surprising $350 Million Bet on New York Times
In a remarkable turn of events, Warren Buffett's Berkshire Hathaway has disclosed a substantial $350 million investment in the New York Times, just five years after the legendary investor sold off all of Berkshire's newspaper holdings and declared the industry was "toast." The investment was revealed in Berkshire's quarterly filing with the Securities and Exchange Commission on Tuesday, February 17, 2026, highlighting a significant shift in perspective regarding the future of news media.
A Full Circle Moment for Berkshire Hathaway
This move represents a dramatic reversal from Buffett's previous position. In 2020, when he divested Berkshire's dozens of newspapers, he predicted unending declines for most of the industry. However, even at that time, he acknowledged that newspapers with strong national brands like the New York Times or Wall Street Journal might still find ways to thrive. The current investment suggests Berkshire now sees tangible value in the Times' evolving business model.
"It's a full circle moment for Berkshire Hathaway in reinvesting in news and a huge vote of confidence by Berkshire in the business strategy of the New York Times," said Tim Franklin, a professor and chair of local news at Northwestern University's Medill School of Journalism. Franklin emphasized that while the Times has its roots in traditional newspaper publishing, it has successfully transformed into a thriving digital enterprise.
The New York Times as a Digital Powerhouse
Today, the New York Times boasts more than 12 million digital subscribers and has diversified its offerings well beyond traditional news. The company has developed popular games like Wordle, acquired the well-known sports platform The Athletic, and created a multifaceted digital ecosystem. Franklin suggested that struggling local newspapers might draw important lessons from the Times' transformation into what he called a "digital news powerhouse."
"Maybe struggling local newspapers can draw some lessons from the digital news powerhouse the Times has become and find ways to offer online games and showcase the local sports coverage that readers can't get elsewhere," Franklin noted, highlighting potential strategies for regional publications facing industry challenges.
Uncertainty About Buffett's Direct Involvement
The quarterly filing does not specify whether this investment decision was made directly by Warren Buffett or by one of Berkshire's other investment managers. Buffett traditionally handled investments exceeding $1 billion, so at $350 million, it remains unclear if this was his personal bet. Nevertheless, given Buffett's legendary track record over six decades leading Berkshire before handing the CEO title to Greg Abel in January, many investors are likely to view this move as significant and potentially worth emulating.
The market reaction was immediate, with shares of the New York Times jumping nearly 3% in after-hours trading following Berkshire's disclosure. This positive response underscores the weight that Buffett's investment decisions still carry in financial markets, even as he transitions from his CEO role.
Other Notable Moves in Berkshire's Portfolio
Berkshire's latest filing revealed several other significant portfolio adjustments during the last three months of 2025:
- Chevron Investment Increased: Berkshire added approximately 8 million more Chevron shares, bringing its total holdings to over 130 million shares in the oil giant. This proved particularly well-timed, as Chevron's stock has soared nearly 19% since the start of 2026, following former President Donald Trump's promise to reinvigorate Venezuela's oil business and the subsequent capture of Venezuela's President Nicolás Maduro in a U.S. raid.
- Bank of America Shares Reduced: Berkshire sold off roughly 50 million Bank of America shares, though it still retains nearly 81 million shares. Buffett first began investing in Bank of America in 2011 when the bank was struggling with the aftermath of the subprime mortgage crisis.
- Apple Stake Trimmed: Berkshire reduced its massive Apple holdings by about 10 million shares but continued to hold nearly 228 million shares at the end of 2025.
Chevron's Strategic Position in Venezuela
Chevron's unique position as the only major American oil company with significant operations in Venezuela adds context to Berkshire's increased investment. The company produces approximately 250,000 barrels per day in Venezuela through joint ventures with the state-owned Petróleos de Venezuela S.A. (PDVSA), a relationship dating back to Chevron's initial investments in the 1920s. Buffett has maintained a long-term bullish outlook on the oil sector, with Berkshire maintaining major positions in both Chevron and Occidental Petroleum for several years.
Berkshire's Broader Business Empire
Beyond its stock portfolio, Berkshire Hathaway owns dozens of companies outright, including insurance giant Geico, a collection of major utilities, BNSF railroad, and numerous manufacturing and retail companies with familiar brands like Dairy Queen and See's Candy. This diversified business model provides Berkshire with substantial stability and cash flow, enabling strategic investments like the New York Times stake.
The $350 million investment in the New York Times signals a potential reevaluation of the news industry's prospects within Berkshire Hathaway. While local newspapers continue to face significant challenges, the success of national brands like the Times in building sustainable digital businesses appears to have captured Berkshire's attention and investment dollars.
