NEW YORK, Nov. 4, 2010 /PRNewswire-FirstCall/ -- CBS
Corporation (NYSE: CBS and CBS.A) today announced that its Board of
Directors has approved a $1.5 billion
share repurchase program. The Company intends to use the program to
repurchase CBS Corporation Class B common stock, beginning in
January 2011.
"This new share buyback program reflects the confidence we have
in the long-term strength and viability of our business, which
continues to generate strong, healthy free cash flow," said
Leslie Moonves, President and Chief
Executive Officer, CBS Corporation. "We have a long-standing
commitment to returning value to our shareholders and this
initiative speaks to that."
About CBS Corporation
CBS Corporation is a mass media company with constituent parts
that reach back to the beginnings of the broadcast industry, as
well as newer businesses that operate on the leading edge of the
media industry. The Company, through its many and varied
operations, combines broad reach with well-positioned local
businesses, all of which provide it with an extensive distribution
network by which it serves audiences and advertisers in all 50
states and key international markets. It has operations in
virtually every field of media and entertainment, including
broadcast television (CBS and The CW – a joint venture between CBS
Corporation and Warner Bros. Entertainment), cable television
(Showtime Networks, Smithsonian Networks and CBS College Sports
Network), local television (CBS Television Stations), television
production and syndication (CBS Television Studios, CBS Studios
International and CBS Television Distribution), radio (CBS Radio),
advertising on out-of-home media (CBS Outdoor), publishing (Simon
& Schuster), interactive media (CBS Interactive), music (CBS
Records), licensing and merchandising (CBS Consumer Products),
video/DVD (CBS Home Entertainment), motion pictures (CBS Films) and
sustainable media (EcoMedia). For more information, log on to
www.cbscorporation.com.
SOURCE CBS Corporation