Warren Buffett: Media Mogul?

Warren Buffett’s Berkshire Hathaway has increased its stake in media companies in a major strategy shift for the investment firm.

According to regulatory filings on Tuesday, Berkshire increased its stake in DirectTV (NASDAQ:DTV) nearly five-fold, to $1 billion, while purchasing 1.7 million shares of Liberty Media Corp. (NASDAQ:LSTZA) (NASDAQ:LSTZB).

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The new approach is certainly less reflective of Buffett’s taste than it is of Todd Combs, whom many believe was brought in to ultimately succeed Buffett. Combs has already begun to take Berkshire in new directions, investing in retail, technology, and now, media. Buffett has traditionally favored investments in consumer products, the financial sector, and industry.

Berkshire’s investment in DirecTV makes it one of the company’s 10 largest shareholders. Liberty Media, a venture launched by dealmaker John Malone, owns interest in a range of media, communications, and entertainment businesses, including satellite radio, cable television, bookstores, and baseball teams.

During the quarter, Berkshire also increased its stake by more than 20 percent in five different companies, including fairly recent additions General Dynamics (NYSE:GD) and Intel (NASDAQ:INTC). DaVita (NYSE:DVA), a major kidney dialysis provider, was another recent additions to Berkshire’s portfolio.

Conversely, divested itself completely of its Exxon Mobil (NYSE:XOM) shares, and decreased its holdings of Johnson & Johnson (NYSE:JNJ) once a stalwart of its portfolio, but 33 percent.

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To contact the reporter on this story: Jonathan Morris at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com