The onset of streaming video was the beginning of a paradigm shift in home entertainment. Since early 2007, broadcast television and cable TV have been in gradual but undeniable secular decline. Cord-cutting has reached epic proportions, and streaming services have become the de facto replacement for appointment television.

After decades of avoiding technology stocks, legendary Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) CEO Warren Buffett has done an about-face. In recent years, inspired by his lieutenants Todd Combs and Ted Weschler, the Oracle of Omaha has gradually made a somewhat sizable bet on a company with two hit streaming services, making it a top contender in the streaming wars.

Let's look at why he has invested in Paramount Global (NASDAQ: PARA) and what he recently had to say about the company.

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Source Fool.com