Paramount Global (NASDAQ:PARA) stock is in the news Monday after Warren Buffett revealed that he sold Berkshire Hathaway’s (NYSE:BRK-A, NYSE:BRK-B) entire stake in the entertainment business.

Buffett made the announcement during the annual shareholder meeting for Berkshire Hathaway. He told investors that he was solely responsible for the investments in Paramount Global.

Here’s what he had to say about the PARA stock sale, according to CNBC.

“I was 100% responsible for the Paramount decision. It was 100% my decision, and we’ve sold it all and we lost quite a bit of money.”

Investors will note that Buffett held a large stake in Paramount Global with 63.3 million shares on record at the end of 2023. The decision to sell these shares comes as Paramount Global has landed on rough terrain amid a shifting TV business. This has it a target for potential takeovers.

PARA Stock Movement on Monday

Despite news of Buffett selling shares of PARA, the company’s stock is on the rise today. This has PARA up 3.2% as of Monday morning. Even so, the stock is still down 7.6% since the start of the year.

trading activity today is light with about 8 million units on the move. That’s well below the company’s daily average trading volume of about 21 million shares.

Investors seeking out even more of the most recent stock market stories are going to want to stick around!

We have all of the hottest stock market news that traders need to know about on Monday! That includes what’s happening with shares of Lyra Therapeutics (NASDAQ:LYRA), TC BioPharm (NASDAQ:TCBP)  and Luminar (NASDAQ:LAZR) stock today. All of that info is readily available at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.