NEW YORK, July 28, 2016 /PRNewswire/ -- CBS Corporation (NYSE: CBS and CBS.A) today announced that its Board of Directors has approved an increase in the amount of excess capital it will return to shareholders. The Board voted to raise the Company's quarterly dividend by 20%, from 15 cents to 18 cents per share. The new rate will take effect on the next scheduled dividend payment date of October 1, 2016, to shareholders of record as of September 9, 2016.
The Board also voted to increase the Company's share repurchase program to a total availability of $6 billion. Previously, the program had $1 billion remaining as of June 30, 2016.
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, 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), CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Consumer Products, CBS Home Entertainment, CBS Interactive, CBS Films, Showtime Networks, CBS Sports Network, Pop (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio and CBS EcoMedia. For more information, go to www.cbscorporation.com.
SOURCE CBS Corporation