NEW YORK, Nov. 3, 2011 /PRNewswire/ -- CBS Corporation
(NYSE: CBS and CBS.A) today announced that its Board of Directors
has approved a $1.5 billion increase
to its ongoing share repurchase program. The Company intends
to use the program to continue to repurchase CBS Corporation Class
B Common Stock.
The expanded share repurchase program is in addition to the
increase in the Company's quarterly dividend, which doubled
beginning with the payment in the third quarter of 2011.
The Company has repurchased a total of $850 million of CBS Corporation Class B Common
Stock under its previously authorized $1.5
billion program as of the end of the third quarter of 2011.
Going forward, the Company expects to use the authorization
remaining from this previous program and the $1.5 billion increase by the end of 2013.
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 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 socially
responsible media (EcoMedia). For more information, log on to
www.cbscorporation.com.
SOURCE CBS Corporation