Warren Buffett has made another notable move to his portfolio, cutting Berkshire Hathaway’s stake in Amazon by more than 77% while also opening a new position in The New York Times. The shift shows Buffett continuing to move away from some big tech holdings and toward what appears to be a more selective mix of media and traditional businesses.
The Amazon sale is the main movement. Berkshire reduced its holdings to about 2.3 million shares after first building the position in 2019, a sharp turnaround for a company that once viewed Amazon as one of its most interesting large-cap bets.
According to the latest filing, as reported by The Motley Fool, Berkshire cut its position in Amazon by more than 75% in the quarter, leaving the stake worth only a small fraction of the company’s overall portfolio. The reduction appears to be part of a broader shake-up of Berkshire’s stock portfolio and not a one-time deal.
That’s important because Amazon had represented one of Buffett’s most surprising investments in the modern era.
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He had long said he regretted not buying the stock sooner, so a big drawdown suggests that the thesis has changed, that the valuation has become less attractive, or that Berkshire simply prefers other opportunities at the moment.
It also fits a larger pattern. Berkshire has also been cutting other big holdings, including Apple and Bank of America, suggesting Buffett has been steadily reducing concentration on some of his largest holdings.
At the same time, Berkshire initiated a new position in The New York Times worth about $351.7 million, or about 5.1 million shares. That makes the newspaper company one of the most interesting new additions to Berkshire’s public portfolio.
The move is notable because Buffett once called the newspaper industry “toast,” The Motley Fool noted, after Berkshire abandoned its newspaper ownership years ago. Buying The New York Times now suggests you see something different in the modern digital version of the business.
That’s the real story here. Berkshire does not support the old print model; is backing a company that has become a large-scale subscription and digital media platform.
The New York Times generated approximately $551 million in free cash flow, the kind of return that matters for Warren Buffett-style investing.Blue/Getty Images
The numbers tell most of the story. The New York Times ended 2025 with 12.8 million total subscribers after adding 1.4 million net new digital subscribers during the year, according to Yahoo Finance. That puts it on track to reach its stated goal of 15 million subscribers by the end of 2027.
Digital revenue surpassed $2 billion for the first time in 2025. Digital subscription revenue grew about 14% over the year, while digital advertising increased 20%, Proactive reported.
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Adjusted operating profit grew more than 20% to $550 million, and the company generated approximately $551 million in free cash flow.
That kind of performance is important for Buffett-style investing because it shows pricing power and recurring income.
A company that can continue to grow subscribers and raise prices without destroying demand is starting to look less like a failing media business and more like an enduring consumer platform.
The Times had a total of 12.8 million subscribers at the end of 2025, an increase of 1.4 million net new digital subscribers on the year, according to Proactive.
Total digital revenue surpassed $2 billion for the first time in 2025, GuruFocus reported.
It generated free cash flow of approximately $551 million in 2025, GuruFocus noted.
Adjusted operating profit grew more than 20% to $550 million in 2025, the Times’ fourth-quarter 2025 earnings report confirmed.
The company’s trusted brand and original journalism position it as a resilient asset as AI-generated content goes mainstream, according to The Motley Fool.
Analysts at The Motley Fool also pointed to the Times’ growing push for video journalism as another long-term draw.
Chief Financial Officer Will Bardeen said during the company’s fourth-quarter earnings call that “video in particular remains an important area of ​​strategic investment,” adding that the company is “confident in our ability to generate strong returns” as it expands that channel, the Motley Fool noted.
In that sense, Berkshire’s investment looks less like a bet on journalism itself and more like a bet on a high-quality digital subscription asset with multiple revenue streams and durable cash flow.
Amazon stock remains one of the market’s biggest long-term growth stories, but it’s also a very different type of asset than the New York Times. It is larger, more complex and more exposed to competition, logistical pressure and changing consumer demand.
Berkshire may simply be taking profits after a good run. Or you may believe that Amazon’s advantages are now less compelling than the advantages of other names with stronger current cash flow or simpler economics.
Either way, the reduction shows that Berkshire is not wedded to any high-profile tech sector. Even a stock that Buffett once admired enough to buy can be cut aggressively if the opportunity set changes.
Buffett has always been willing to change his mind when the facts change. That seems to be what’s happening here: Amazon may still be a great business, but Berkshire seems to think other opportunities offer a better balance between risk, reward and cash generation right now.
The purchase of the New York Times is also a reminder that Buffett does not completely avoid the media. He’s simply more interested in companies that have proven they can survive the digital shift and create predictable cash flow.
This is why the trade is interpreted as a strategic rotation rather than a major thematic pivot. Berkshire is still buying quality, just in a different part of the market.
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The move comes as Berkshire has also been active elsewhere, including Chevron and Chubb, suggesting the company continues to balance its portfolio across sectors rather than chasing one theme too much.
That’s classic Buffett behavior: be opportunistic, be patient, and keep moving capital toward what looks most attractive on a risk-adjusted basis.
The latest filing also shows how much Berkshire has evolved. It remains a value investing giant, but its portfolio now includes a mix of old-economy cash generators, select exposure to technology, and digital businesses that would have been difficult to imagine in previous decades.
Buffett’s sale of Amazon and purchase of the New York Times shows that Berkshire is still willing to make radical and significant changes when it sees a better opportunity. The message is not that Amazon is a bad company; It’s just that Buffett no longer sees it as the best use of Berkshire’s capital.
At the same time, the Times’ investment suggests it sees value in companies that have successfully adapted to the digital age and can still produce reliable cash flow.
That combination makes this presentation a Buffett classic. Sell ​​where the margin of safety seems smallest, buy where the business model seems durable and keep the portfolio moving towards quality.
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This story was originally published by TheStreet on April 21, 2026, where it first appeared in the Investments section. Add TheStreet as a preferred source by clicking here.
