Shares of Paramount Global shot up Tuesday morning after Berkshire Hathaway revealed that it bought up more shares of the parent of CBS Viacom and its namesake film studio.
The company’s “B” gained 9% to $20.21 in late morning trading, outpacing a strong rally on Wall Street.
The Dow Jones Industrial Average was up 0.81%, the S&P 500 added 1.5% and the Nasdaq Composite leaped 2.4% Tuesday, boosted by data from a manufacturing report that provided another indication inflation is easing. That news, in turn, strengthens the belief that the Federal Reserve will ease back on interest rate hikes.
Entertainment and media stocks broadly followed the market higher, but Paramount shares soared above the pack.