Why Paramount Global Stock Surged Today

Shares of Paramount Global (NASDAQ: PARA) jumped 15% on Tuesday after Warren Buffett's Berkshire Hathaway disclosed a significant ownership position in the streaming service provider.

Berkshire purchased nearly 69 million shares of Paramount stock in the first quarter. Those shares were valued at more than $2.6 billion at the end of March.

The media company was formerly known as ViacomCBS. It changed its name to Paramount Global in February to signify its commitment to its new streaming service, Paramount+. The company also owns a collection of broadcast TV and cable properties, including CBS, Showtime, Nickelodeon, MTV, CMT, Comedy Central, and BET.

Source Fool.com