Warren Buffett’s Last Investment Was a Shocker
Warren Buffett, the man who once delivered newspapers as a boy in Omaha, has placed one of his final bets as CEO of Berkshire Hathaway on a newspaper stock in America.
For those who have followed Buffett’s career from the beginning, there’s an undeniable poetic quality to the move. The boy who woke before dawn to deliver newspapers in the 1940s, chose to close out his tenure as CEO by placing a bet on a newspaper.
In a 13F filing disclosed on February 17, 2026, Berkshire revealed it had initiated a new position in The New York Times Company (NYSE: NYT) during the fourth quarter of 2025, purchasing approximately 5.07 million shares valued at around $352 million. It was Berkshire’s only new stock purchase of the quarter and it came during Buffett’s final months at the helm before stepping down from the role he held for nearly six decades.
Why The New York Times, and Why Now
Though Buffett has not commented publicly on the purchase, analysts and market observers have pointed to several compelling factors behind the move.
The most obvious is the Times’ successful digital transformation. The company has built one of the most robust subscription businesses in all of media, with millions of digital subscribers and consistent year-over-year growth. Recent quarters have shown revenue increases in the double digits, driven by a model that generates recurring income, the kind of cash flow Buffett has always prized.
Beyond subscriptions, the Times has diversified intelligently. Its portfolio now includes podcasts like “The Daily” (one of the most popular in the world), the cultural phenomenon of Wordle and its expanding games platform, cooking and product review verticals, and The Athletic for sports coverage. Each of these extends the brand’s reach and creates additional revenue streams, reducing reliance on any single product.
Then there’s the moat. The New York Times carries one of the most recognized media brands on the planet. It has significant pricing power, deep consumer loyalty, and a competitive position that is extraordinarily difficult to replicate.
NYT shares rose notably following the disclosure, reaching all-time highs in some reports.
It’s worth noting the scale. At roughly $352 million, the NYT stake represents approximately 0.1% of Berkshire’s equity portfolio which is a rounding error by the conglomerate’s standards.