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