Buffett Backs Off Disney.

Warren Buffett's Berkshire Hathaway Inc. sold more than 80 percent of its stake in Walt Disney Co., the world's No. 2 media company, during the last quarter of 1999 and the first quarter of last year.

Berkshire and affiliates of the Omaha-based insurer reported holding 3.9 million shares as of March 31, 2000, down from 20 million shares reported Sept. 30, 1999, according to filings with the Securities and Exchange Commission.

Disclosures of some Berkshire investments for the last quarter of 1999 and the first quarter of 2000 were made after the SEC denied Buffett's attempt to get confidential treatment for some of Berkshire's holdings. The billionaire investor in the past has used a procedure that lets Berkshire delay disclosure of some stocks for a year or more to protect an investment strategy.

A holdings report last August showed that Berkshire had cut its Disney. stake by about 8.8 million shares between June 30, 1999, and Sept. 30, 1999. The most recent reports indicate that Berkshire and affiliates reduced their Disney stake by 7.8 million shares during the fourth quarter of 1999, followed by a sell-off of about 8.2 million shares in the first quarter of last year.

The value of Disney shares has risen almost 24 percent since the end of September 1999.