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 Viewers will be able to watch Buffett, Berkshire's 85-year-old chief
executive officer, and Vice Chairman Charlie Munger, 92, field five
hours of questions on April 30 from shareholders, reporters and
analysts about the Omaha, Nebraska-based company, investing, the
economy and life.
The webcast offers a chance "to reach more people than ever, in key
financial centers" and "to bring the energy and excitement of what
happens in Omaha to an informed audience around the world," Buffett,
known as the "oracle of Omaha," said in a statement on Tuesday.
The webcast may help Yahoo attract advertisers enticed by millions
of potential online viewers. Yahoo's core Internet business has
struggled, and CEO Marissa Mayer has signaled she might put the
business up for sale.
Andy Serwer, Yahoo Finance's editor in chief, told CNBC that Yahoo
could sell ads for the live stream, and said Buffett had called him
in December to ask if a webcast was possible.
"He said, 'I just want to make it bigger,'" Serwer said. "There's a
lot of demand, particularly in places like China."
Yahoo shares closed up $2.24, or 8.3 percent, at $29.28.
Berkshire owns nearly 90 businesses, among which are BNSF railroad,
Dairy Queen ice cream, Fruit of the Loom underwear, Geico car
insurance and See's candies. Most are in the United States, and the
webcast could help Buffett market Berkshire to sellers of businesses
elsewhere.
Last year's annual meeting drew roughly 40,000 people to Omaha to
celebrate Buffett's 50th anniversary at the helm.
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Attendance began to swell after Berkshire created lower-priced "B"
shares in 1996, which increased the number of investors in the
company.
The planned webcast was first reported by The Wall Street Journal.
But even with the webcast, traveling to Omaha for Buffett's
"Woodstock for Capitalists" offers distinctive opportunities.
Shareholders get discounts from Berkshire businesses and may also
participate in a five-kilometer run or dine at Gorat's steak house,
a Buffett favorite.
It is unclear how the webcast might affect tourism in Omaha, where
Berkshire's annual meeting is the biggest tourist draw other than
the College World Series of baseball.
Air fares soar and hotel rates typically double or triple. Rooms
within a short walk of the meeting now fetch more than $500 a night
including taxes.
(Reporting by Jonathan Stempel in New York; Editing by Jeffrey
Benkoe and Leslie Adler)
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