(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. cut its stake in Paramount Global during the fourth quarter, prompting shares of the CBS parent to slide in extended trading Wednesday.
Paramount tumbled 6.7% to $12.31 at 5:02 p.m. in New York after Omaha, Nebraska-based Berkshire disclosed in a filing that it had reduced its stake by 30.4 million shares, or about a third of its previous holding. The stock had dropped 11% this year through the close of regular trading.
Berkshire also exited its positions in homebuilder D.R. Horton Inc., Markel Group Inc., StoneCo Ltd. and Globe Life Inc. The firm reduced its stakes in HP Inc. and Apple Inc., which remained its top holding, while adding to its stakes in Chevron Corp. and Occidental Petroleum Corp.
Paramount Chair Shari Redstone is weighing options that could include a sale of her family’s controlling stake in the business to independent film and TV producer David Ellison. Media mogul Byron Allen has also made a bid for the entire company and has begun discussions with the board.
Read More: Paramount Global to Cut 800 Jobs in Drive to Boost Profitability
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