Warren Buffett dumped 77% of Amazon to buy surging media stock
Warren Buffett, a renowned investor, recently made headlines with his portfolio moves. He decided to slash Berkshire Hathaway’s Amazon stake by more than 77% while also initiating a new position in The New York Times. This shift indicates Buffett’s strategic rotation away from big tech holdings towards a more selective mix of media and traditional businesses.
The reduction in the Amazon stake is significant as Berkshire Hathaway trimmed its holdings to approximately 2.3 million shares after initially building the position in 2019. This move marks a reversal for Berkshire, which once viewed Amazon as one of its most interesting large-cap bets. The latest filing reveals that Berkshire reduced its Amazon position by more than 75% in the quarter, signaling a broader reshuffling of Berkshire’s equity portfolio rather than a one-off trade.
Buffett’s decision to cut back on Amazon is particularly noteworthy as the tech giant was considered one of his more surprising investments. Buffett had previously expressed regret for not buying the stock earlier, making this reduction a significant shift in his investment strategy. Berkshire has also been trimming other large holdings, such as Apple and Bank of America, indicating a gradual reduction in concentration in some of its biggest positions.
In contrast to the Amazon sale, Berkshire initiated a new position in The New York Times, acquiring approximately $351.7 million worth of shares. This move is intriguing as Buffett had previously referred to the newspaper industry as “toast” after Berkshire exited its newspaper ownership. However, the purchase of The New York Times suggests that Buffett sees potential in the modern digital version of the business, which has transformed into a scaled subscription and digital media platform.
The New York Times’ performance highlights its growth in digital subscribers, with 12.8 million total subscribers and a goal of reaching 15 million by 2027. The company’s digital revenue crossed $2 billion in 2025, with significant growth in digital subscription and advertising revenue. Additionally, the company generated approximately $551 million in free cash flow, demonstrating its strong financial performance.
Berkshire’s investment in The New York Times reflects a shift towards businesses that have successfully adapted to the digital era and can generate reliable cash flow. This strategic rotation showcases Buffett’s willingness to make significant changes in his portfolio based on evolving opportunities. By selling Amazon and buying The New York Times, Berkshire is focusing on quality investments in different sectors of the market.
Overall, Buffett’s recent portfolio moves demonstrate Berkshire’s evolution towards a diversified portfolio that includes old-economy cash generators, select tech exposure, and digital businesses. The decision to reduce the Amazon stake and invest in The New York Times underscores Berkshire’s commitment to seeking compelling opportunities and maximizing returns on its capital.
