<span class="HighlightShare-hidden"></span><div id="RegularArticle-RelatedQuotes"><div><p>In this article</p></div><ul><li>BRK.A<div id="RegularArticle-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"></span></div></li><li>PARA<div id="RegularArticle-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"></span></div></li></ul></div><div id="ArticleBody-InlineImage-107015858"><div><div><div></div></div><div><div>In this photo illustration, Paramount+ (Paramount Plus) logo is seen on a smartphone against its website in the background.</div><div>Pavlo Gonchar | SOPA Images | LightRocket | Getty Images</div></div></div></div><div><p>Shares of Paramount Global jumped Tuesday after Warren Buffett's Berkshire Hathaway revealed a new stake in the media company.</p><p>The stock rallied 10% in premarket trading Tuesday morning.</p><div></div><p>Berkshire bought 68.9 million shares of Paramount to build a stake worth $2.6 billion as of the end of March, according to a regulatory filing released Monday.</p><p>Paramount was Berkshire's 18th largest holding at the end of the first quarter. The new stake adds another streaming property to Berkshire's portfolio, whose top holding is Apple.</p><p>The media company in February rebranded from ViacomCBS to Paramount in a move to emphasize its flagship Paramount+ streaming service. While Paramount missed earnings expectations in its latest quarterly report, Paramount+ added 6.8 million subscribers in the first quarter.</p><p>Paramount shares are beating the market this year, down 7.2% versus the S&amp;P 500's 14.9% decline.</p><p>It is unclear if the purchase of Paramount shares came from Buffett or one his investing deputies, Todd Combs and Ted Weschler. Combs and Weschler independently manage roughly $30 billion of the conglomerate's equity portfolio. In recent years, Berkshire bought a slew of technology names including Apple and Activision under their influence.</p><div></div><p>Berkshire also added new stakes in HP and Citigroup during the first quarter, among other changes to its equity portfolio</p><p><em>—CNBC's Yun Li contributed reporting.</em></p></div><div id="ArticleBody-MobileAdhesion"></div>

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<p>Berkshire bought 68.9 million shares of Paramount to build a stake worth $2.6 billion as of the end of March, according to a regulatory filing released Monday.</p>

Paramount shares jump 10% after Buffett's Berkshire reveals new stake