Bloomberg News

CBS Boosts Dividend 20%, Increases Buybacks to $4.7 Billion

July 26, 2012

CBS Corp. (CBS:US), owner of the most-watched U.S. television network, will raise its quarterly dividend 20 percent to 12 cents and expand a stock buyback program to as much as $4.7 billion.

The new dividend is payable on Oct. 1 to shareholders on record as of Sept. 10, the New York-based media company said today in a statement. The share repurchase program, initiated in January 2011, was increased by 57 percent. CBS said it has already bought back $1.7 billion in stock under the effort.

CBS is stepping up its rewards to shareholders after an increase in net income of about 80 percent last year. In addition to company’s TV business, CBS has operations in the publishing, radio, outdoor advertising and Internet markets.

The shares rose 4.9 percent to $32.63 at the close in New York. CBS’s stock has climbed 20 percent this year.

CBS plans to accelerate the pace of its buyback program and complete it by the end of 2014. The company will be repurchasing Class B common stock.

To contact the reporter on this story: Nick Turner in New York at nturner7@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net


Hollywood Goes YouTube
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • CBS
    (CBS Corp)
    • $59.55 USD
    • -0.87
    • -1.46%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus