By Anupreeta Das
Warren Buffett's Berkshire Hathaway Inc. (BKRA, BRKB) bought
nearly 3 million shares of Liberty Global PLC, the Europe-focused
cable operator controlled by John Malone, during the fourth
quarter, a likely endorsement of the company's aggressive global
expansion strategy.
Berkshire also substantially raised its stake in General
Electric Co. (GE) and now owns about 10.5 million shares of the
diversified industrial conglomerate, according to a Friday
regulatory filing. The Omaha, Neb.-based conglomerate modestly
raised its stake in Exxon Mobil Corp. (XOM) after buying into the
company in the third quarter, and now owns about 41 million shares
that were valued at just over $4 billion at the end of the fourth
quarter.
Valued at about $263 million at the end of the fourth quarter,
the Liberty Global position was probably purchased by one of Mr.
Buffett's two investment managers, who each have over $7 billion to
manage.
By contrast, Berkshire cut its stake in Liberty Media Corp.
(LMCA, LMCB) by about 1 million shares. It now owns about 4.5
million shares that were valued at $775 million at the end of the
last quarter. It also cut stakes in companies such as
ConocoPhillips (COP) and Moodys Corp. (MCO), while increasing its
holdings of Wells Fargo & Co. (WFC) and construction materials
company USG Corp. (USG).
Mr. Malone, who also controls Englewood, Co.-based Liberty
Media, lost out this week on his bid to consolidate the U.S. cable
industry after Comcast Corp. (CMCSA, CMCSK) struck a $45 billion
deal to buy Time Warner Cable Inc. (TWC). Mr. Malone had backed a
rival offer for Time Warner by Charter Communications (CHTR), in
which Liberty Media owns a stake.
Berkshire also sold roughly 550,000 shares of DISH Network Corp.
(DISH) during the latest quarter, exiting its position in the
satellite operator. However, it continues to own $2.5 billion worth
of stock in DISH's rival DirecTV. Mr. Malone also owns a big chunk
of DirecTV.
Write to Anupreeta Das at anupreeta.das@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires