It’s only fitting that one of Warren Buffett’s final investments before retirement circles back to the business that first taught him how to make money. In the last quarter of 2025, Berkshire Hathaway bought a $351 million stake (more than 5.1 million shares) in The New York Times Company, according to a regulatory filing this week. The bet speaks to longstanding ties between the newspaper industry and Buffett, who worked as a paperboy in the 1940s.
Today, Berkshire is known for its long-term investments in insurance, energy and tech. But it was once a prominent media investor before Buffett retreated as digital advertising upended the business. But The New York Times has emerged as one of the industry’s rare success stories. The company added 450,000 new digital subscribers during the October-December quarter and lifted quarterly revenue by more than 10 percent year over year to $802 million. Last year, the company made $344 million in profit.
Buffett, 95, officially stepped down as Berkshire’s CEO at the end of 2025, handing the reins to his successor, Greg Abel. In many ways, the new stake is a nod to Buffett’s roots. As a teenager living in Washington, D.C., he woke before 5 a.m. to deliver copies of papers, including The Washington Post. His route included six senators and a Supreme Court justice. Showing early signs of the dealmaker he would become, Buffett expanded his territory, eventually delivering some 500,000 papers. The hustle was so lucrative that he filed his first federal income tax return at age 14 after earning more than $500 in 1944.
His affection for newspapers carried into his tenure at Berkshire, where he invested heavily in media companies such as The Washington Post and even established an annual newspaper-tossing contest at Berkshire’s shareholder meeting.
But that love affair frayed as the internet eroded newspapers’ advertising dominance. At a 2010 Berkshire conference, Buffett remarked that it “blows your mind” how quickly the business had unraveled.
He began pulling back soon after, stepping down from The Washington Post’s board in 2011. Berkshire, which was at one point the paper’s largest investor, swapped its 28 percent stake in Graham Holdings Co., the Post’s then-parent company, for a Miami television station in 2014. The move followed Jeff Bezos’ $250 million acquisition of the paper a year earlier.
By the end of the 2010s, Berkshire had exited the newspaper business entirely, selling a portfolio of 30 local publications to Lee Enterprises for $140 million in cash. The group included titles such as Buffalo News, the Omaha World-Herald and Tulsa World.
“The world was changed hugely, and it did it gradually,” Buffett said of the industry’s decline in a 2019 interview with Yahoo Finance. “It went from monopoly to franchise to competitive to… toast.” Even then, he predicted that major publishers such as The New York Times might endure. As for the rest: “They’re going to disappear.”
The New York Times has indeed thrived, in part thanks to an aggressive expansion into games, recipes and video. Others have struggled. Under Bezos’ ownership, The Washington Post has wrestled with declining advertising revenue and subscriptions. These troubles came to a head earlier this month, when roughly one-third of the newsroom was laid off, with cuts hitting sports, books, international and metro coverage particularly hard. The Los Angeles Times, owned by biotech entrepreneur Patrick Soon-Shiong, has faced similar turbulence, including a newsroom reduction of more than 20 percent in 2024.
Buffett’s vote of confidence has further buoyed The New York Times. Its stock surged to an all-time high this week after Berkshire disclosed its stake, capping a 12-month run in which shares climbed 57 percent.