Investing guru Warren Buffett is renowned for his stock selection skills, but one stock his company, Berkshire Hathaway, purchased has not performed well in 2023. That stock is entertainment giant Paramount Global (NASDAQ: PARA). Its class B shares took a massive hit in May after the company slashed its dividend. And its stock price has continued to sink, hitting a 52-week low of $12.56 on Sept. 22.

With its share price still hovering near this low, does it make sense to heed Berkshire's example and buy shares? Let's dig into Paramount to see if following in the footsteps of the famous investor's company makes sense in this case.

Paramount is undergoing a transition as consumers abandon traditional linear TV for streaming services. This creates a challenge for Paramount's business because the bulk of its revenue comes from its TV networks, such as CBS.

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Source Fool.com