Warren Buffett's Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) started buying a stake in traditional media conglomerate Paramount Global (NASDAQ: PARA) in 2022. It hasn't gone so well. Though it's a small potatoes for Buffett, the stake in Paramount has likely lost over $1 billion in value, going from roughly $2.6 billion to just $1.5 billion as of this writing.

The media industry is rapidly migrating to streaming TV, and it's costing companies like Paramount billions of dollars a year to make the transition. What was once a "cheap" stock is no longer as Paramount's profits have tanked, and the dividend was slashed by 80% to shore up the financials.  

At Berkshire Hathaway's annual shareholder meeting, Buffett summed up the issues facing Paramount and its TV streaming peers -- and inadvertently described the best TV streaming stock out there: Alphabet's (NASDAQ: GOOGL)(NASDAQ: GOOG) YouTube, acquired when the company was still simply known as Google all the way back in 2006.  

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Source Fool.com