Paramount Global rise up after news that Warren Buffett has been buying its’ shares

Paramount Global’s stock price got higher more than 10% Tuesday. The reason is in the news about Warren Buffett’s Berkshire Hathaway which, as it revealed, bought nearly $2 billion worth of shares in the company in recent months.

On Tuesday Paramount’s shares trade at $28.47 after closing Monday at $28.02.

Buffett’s decision to buy some shares of Paramount Globals shows that he thinks the company is under-valued, or that he expects the company to be involved in M&A, Variety reports.

Read also: No proof, no deal: Elon Musk refuses to buy Twitter until it proves number of fake and spam accounts.