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Shares of Paramount Global traded in the red after hours on Wednesday following the news that Warren Buffett’s Berkshire Hathaway pared its holdings in the company.
Berkshire Hathaway
BRK.A,
BRK.B,
sold about a third of its stake in Paramount
PARA,
and now holds about 63 million shares in the entertainment company. Paramount has 610.7 million shares outstanding and a public float of 576.53 million shares.
The stock fell 6% to $12.39 in post-market trading on volume of more than 3.7 million shares. Paramount’s stock closed the day’s regular session up 1.4% at $13.19.
The shares have fallen 11% this year, and 46% in the last 52 weeks.
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