The following is an excerpt from Noah Buhayar | May 15, 2016 | Bloomberg.com |
Warren Buffett is said to be backing a group bidding for Yahoo! Inc.’s core assets after famously staying on the sidelines through two Internet booms. Have his views changed?
Buffett, 85, often says he doesn’t buy Web companies because he broadly avoids industries he doesn’t understand. But depending on how the deal is structured, he might not be betting on a stock’s performance, so much as the company’s continued existence. Moreover, the assets for sale -- including finance, sports and video sites -- are arguably media, a business he’s long tracked.
“He has owned media and advertising businesses for 40 or 50 years,” said Richard Cook, who oversees about $350 million, including Berkshire shares, at Cook & Bynum Capital Management. “That’s something he knows.”
For more visit: Bloomberg.com