NEW YORK, Feb. 12, 2014 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) announced today plans to initiate an accelerated share repurchase ("ASR") of $1.5 billion of its Class B common stock during the first quarter of 2014. In addition, the Company plans to step up the pace of its open market share repurchases. As a result, CBS plans to use a total of $2 billion of its share buyback program during the first quarter.
"The $2 billion of our share repurchase program that we plan to spend in the first quarter is nearly the same amount as our total share buyback program in 2013," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "Returning value to shareholders is a top priority at CBS. And these actions underscore the great confidence we have in our future as we continue to evolve into a Company that is more reliant on fast-growing, non-advertising revenue streams."
About CBS Corporation
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most-watched television network in the U.S. and one of the world's largest libraries of entertainment content, making its brand – "the Eye" – one of the most recognized in business. The Company's operations span virtually every field of media and entertainment, including cable, publishing, radio, local TV, film, outdoor advertising, and interactive and socially responsible media. CBS's businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), Showtime Networks, CBS Sports Network, TVGN (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio, CBS Outdoor, CBS Television Studios, CBS Global Distribution Group (CBS Studios International and CBS Television Distribution), CBS Interactive, CBS Consumer Products, CBS Home Entertainment, CBS Films and CBS EcoMedia. For more information, go to www.cbscorporation.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements inherently involve risks and uncertainties that could cause actual events or results to differ materially from those anticipated by the forward-looking statements, including, without limitation, those resulting from capital market risks and from changes in economic, business, competitive, strategic and/or regulatory factors. A more detailed description of risks and uncertainties can be found in CBS Corporation's news releases and filings with the Securities and Exchange Commission including, but not limited to, its most recent Forms 10-K, 10-Q and 8-K. Except as required by law, CBS Corporation does not assume any obligation to update the forward-looking statements contained in this release to reflect subsequent events or circumstances.
SOURCE CBS Corporation