NEW YORK, Feb. 14, 2013 /PRNewswire/ -- CBS Corporation (NYSE :CBS.A and CBS) announced today that it plans to repurchase an additional $1 billion of its Class B common stock in 2013, nearly doubling the Company's commitment for the year. CBS plans to initiate the accelerated share repurchase (ASR) transaction during the first quarter.
"Our plan to repurchase an additional $1 billion shares of CBS stock this year demonstrates both the confidence we have in our future and the commitment we have to our shareholders," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "Our growing sources of high-margin, non-advertising revenue, along with the strategic initiatives we announced for our Outdoor segment last month, are transforming CBS into a Company that is more reliant on steady and recurring revenue streams. As the evolution of CBS continues, we believe this stock buyback represents the best use of our cash and is in the best interest of our shareholders."
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, Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio, CBS Outdoor, CBS Television Studios, CBS Global Distribution Group, 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 those resulting 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