Berkshire Hathaway Inc. disclosed a stake in billionaire John Malone’s Liberty Global Plc valued at about $246 million as Warren Buffett’s backup stock pickers shuffle their bets on pay-TV providers.
Berkshire held 2.95 million shares of Liberty Global on Dec. 31, Buffett’s Omaha-based company said Friday in a regulatory filing.
Liberty Global has spent almost $50 billion to consolidate the European cable industry in recent years. Liberty Global has gained 26 percent in the last 12 months.
Berkshire decreased its stake in Malone’s Liberty Media Corp. by 322,000 shares, or about $44 million, and ended a 547,000-share investment in satellite-TV provider Dish Network Corp. in the fourth quarter, according to the filing.
It exited a stake in drugmaker GlaxoSmithKline Plc. The company benefited from picks by Todd Combs and Ted Weschler, Buffett’s deputy investment managers. Each beat the 30 percent gain by the Standard & Poor’s 500 Index last year.
The Omaha World-Herald Co. is owned by Berkshire Hathaway Inc.