Warren Buffetts two-year dalliance with Paramount Global has come to an end.

The famed investor and Berkshire Hathaway CEO says that his company has exited its position in Paramount. Buffett disclosed the news during Berkshires annual meeting in Omaha, Nebraska, on Saturday.

We sold it all, and we lost quite a bit of money, that happens in this business too, Buffett told the crowd, adding that he was the one who decided to buy into the company in the first place (there had been speculation that one of Buffetts deputies may have initiated the trade). I did it all by myself, folks. Berkshire surprised Wall Street when it disclosed a $2.6 billion stake in Paramount in May 2022. Later that year, it added even more shares, ultimately becoming the largest shareholder in the company (or at least its non-voting shares, with Shari Redstone and the Redstone familys National Amusements controlling a majority of its voting shares).

Since then, of course, Paramount has been on a stock downswing, as the exorbitant costs to compete in the streaming wars and a seemingly tepid MA market, have put the company in a difficult financial position. Paramount also slashed its dividend last year so that it could invest in streaming.

In recent months the company has been embroiled in sale talks, with an exclusive negotiating window with a consortium led by David Ellisons Skydance having just ended, and a new proposal from Apollo and Sony on the table. While the stock price had picked up slightly given the talks, it has been wobbly given the uncertainty over whether a deal would get done, and what would happen if it doesnt.

The company also parted ways with its CEO, Bob Bakish, last week, replacing him with a trio of executives forming an office of the CEO.

At Berkshires shareholder meeting last year in Omaha, Buffett quipped that its not good news when any company cuts its dividend dramatically, and added comments that seemed skeptical of the streaming business.

Youve got a bunch of companies that dont want to quit. Who knows what pricing does under that? Buffett said.

At Saturdays meeting, Buffett said that the experience taught him, at 93 years old, a lesson.

Actually, owning Paramount made me think even deeper, but I certainly looked harder about the whole question of what people do with their leisure time and what the governing principles are of running an entertainment business of any sort, whether its sports or movies or whatever it might be, Buffett said. I think Im smarter now than I was a couple years ago, but I also think Im poorer because I acquired the knowledge in the manner I did.

Berkshire disclosed in February that it began selling its stake in Paramount at the end of last year.