Warren Buffet on Paramount: “Streaming that, you know, it’s not really a very good business.”

BECKY QUICK: Very quickly, can I just ask you about Paramount? That’s another Berkshire investment that’s been a relatively new one. Is it because of streaming? What happened?

WARREN BUFFETT: Streaming that, you know, it’s not really a very good business. And, you know, it the people in entertainment that make lots of money, the shareholders really haven’t done that great over time. And supplied the money, it’s a glamorous business. And I had some friends in Hollywood, you know? And they look for — and they find ’em. I mean, it’s like it attracts people. And—

BECKY QUICK: You mean suckers?

WARREN BUFFETT: It’s a great way to meet girls for all I know. Well no, I mean, but the is it fundamentally that good a business, when it was distributing or producing movies or and you’ve got some people that have got deep pockets that aren’t gonna quit. And the product they’re offering people, the chance to watch all those movies, you know, for peanuts and all that. But can they — we’ll find out. But so far, they haven’t been able to. They’ve been able to attract subscribers, but they attract ’em at a terrible price.

**BECKY QUICK: Alright. You gave a whole lotta reasons why not to buy Paramount. Why did you buy it?

WARREN BUFFETT: Well, we’ll see what happens.**

Source: https://www.cnbc.com/2023/04/12/full-transcript-berkshire-hathaway-chairman-ceo-warren-buffett-speaks-with-cnbcs-becky-quick-on-squawk-box-today-.html