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Communications Services Shares Rise as Buffett Discloses Big Stake -- Communications Services Roundup

02/17/2021 | 05:16pm EDT

Communications services companies moved higher as Warren Buffett's Berkshire Hathaway disclosed a stake in a sector stalwart.

Verizon Communications shares surged higher after Berkshire disclosed it had purchased about $8.6 billion in shares of the largest U.S. mobile carrier.

News Corp reached a three-year deal with Alphabet's Google to license content from its publications and produce new audio and video products for Google platforms, News Corp said Wednesday. Google is paying the media company tens of millions of dollars over the course of the deal, according to a person familiar with the matter.

Meanwhile, Facebook said it would restrict publishers and users in Australia from viewing or sharing news articles, ramping up a standoff with the government there over a proposal that would force tech companies to pay newspapers for content.

A New York hedge fund that is the largest shareholder in Tribune Publishing has reached a deal to acquire the rest of the newspaper company which owns some of the biggest papers in the country, including the Chicago Tribune and New York Daily News.

Alden Global Capital, which already owned a 32% stake in the company, reached an agreement with a special committee appointed by the board to buy the rest of the company for $17.25 a share, valuing the company at around $630 million. The deal still requires shareholder approval.

Write to Amy Pessetto at amy.pessetto@dowjones.com

(END) Dow Jones Newswires

02-17-21 1716ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.77% 2694.53 Delayed Quote.55.30%
BERKSHIRE HATHAWAY INC. -0.42% 418900 Delayed Quote.20.95%
FACEBOOK INC -0.56% 356.3 Delayed Quote.31.18%
NEWS CORPORATION 0.20% 24.63 Delayed Quote.36.78%
TRIBUNE PUBLISHING COMPANY 0.41% 17.26 End-of-day quote.25.99%
VERIZON COMMUNICATIONS -0.36% 55.78 Delayed Quote.-5.16%
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