Berkshire Hathaway disclosed in its 13‑F filing for the quarter ended December 31, 2025 that it had purchased approximately 5.1 million shares of The New York Times Company, a stake worth roughly $352 million. The filing was submitted after the close of trading on February 17, 2026, marking the first time Berkshire has taken a position in NYT since divesting its newspaper business in 2020.
The investment comes after NYT reported strong Q4 2025 results, with total revenue of $802.3 million, up 10.4% year‑over‑year, and diluted earnings per share of $0.79, a modest increase from $0.75 in Q4 2024. Digital‑only subscriber growth of 450,000 net added to a total of 12.78 million, while the average revenue per user for digital‑only subscriptions rose to $9.72. Advertising revenue also grew 24.9% YoY, reflecting the company’s continued success in monetizing its digital audience.
CEO Meredith Kopit Levien said the fourth quarter “capped another strong year for The Times, and our results demonstrated that our strategy continues to work as designed.” CFO Will Bardeen noted that the third‑quarter results “demonstrate another strong quarter for subscriber growth, revenue growth, AOP growth, margin expansion, and free cash flow generation.” These comments underscore the confidence NYT’s leadership has in its diversified product mix, which now includes lifestyle and gaming offerings such as Games, Cooking, and The Athletic.
Berkshire’s stake signals a renewed endorsement of NYT’s digital‑subscription model, a model that has proven resilient amid broader industry challenges. By adding a significant shareholder to NYT’s board, Berkshire may influence future governance and strategic decisions, potentially accelerating initiatives that further strengthen the company’s subscription base and advertising mix.
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