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.
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SOURCE CBS Corporation