Paramount Global shares got a boost last week after reports of a potential takeover offer , but the media company could still prove a rare losing bet for Berkshire Hathaway , its biggest institutional investor.
The media company's Class B shares climbed almost 5% last week to close Friday at $14.43 as investors cheered billionaire media mogul Byron Allen's $14.3 billion buyout bid.
Allen Media Group offered $21.53 for each Class B nonvoting share of Paramount, about 50% above the 90-day average price.
The Omaha-based conglomerate owns 93.7 million shares of Paramount nonvoting Class B stock, or a 15.4% stake, according to FactSet.
It may have been the case that Berkshire was betting on Paramount being an acquisition target.
Persons:
Berkshire Hathaway, Byron Allen's, Buffett, You've, Shari Redstone, Don Bilson, Gordon Haskett, Allen
Organizations:
Paramount Global, Berkshire, Allen Media Group, Paramount, Paramount nonvoting, Oracle, CBS, Showtime, Nickelodeon, Skydance Media, Warner Bros .
Locations:
Omaha