In this photo illustration, the Paramount + logo (Paramount Plus) is visible on the smartphone against the background of its website.

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Shares of Paramount Global jumped on Tuesday after Berkshire Hathaway’s Warren Buffett revealed a new stake in the media company.

Shares rose 15.4% on Tuesday.

Berkshire bought 68.9 million shares of Paramount shares to create a $ 2.6 billion stake at the end of March, according to a regulatory document released Monday.

At the end of the first quarter Paramount was Berkshire’s 18th largest holding company. The new stake adds to the Berkshire portfolio another streaming property, the main holding of which is Apple.

In February, the media company was rebranded from ViacomCBS to Paramount to highlight its flagship streaming service Paramount +. While Paramount in its latest quarterly report did not live up to revenue expectations, Paramount + added 6.8 million subscribers in the first quarter.

This year, shares of Paramount are ahead of the market, falling 7.2% against the fall of the S&P 500 by 14.9%.

It is unclear whether the shares were bought by Paramount Buffett or one of its deputy investors, Todd Combs and Ted Weschler. Combs and Weschler independently manage about $ 30 billion of the conglomerate’s stock portfolio. In recent years, Berkshire has acquired under their influence many technology names, including Apple and Activision.

Berkshire also added new stakes in HP and Citigroup during the first quarter, among other changes in its stock portfolio

– Yun Lee from CNBC contributed to the report.

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