CBS Corp. announced today that it has approved a 20% increase in stock dividends along with an expansion of its stock buyback program, according to The Hollywood Reporter.
The moves come as the company, headed by CEO Leslie Moonves, continues to focus on shareholder returns.
“The decision brings the total amount authorized under the company’s share repurchase program to $4.7 billion, up 57 percent,” the story reports. “The board also voted to increase the company’s quarterly dividend by 20 percent to 12 cents per share. The next scheduled dividend is payable on Oct. 1.”
The company has already spent $1.7 billion on buybacks, and will now have $3 billion for additional buybacks, the story notes.
CBS Corp. said in its announcement: "The company intends to accelerate the pace of the newly expanded program and complete it by the end of 2014.”
Company stock was reportedly trending higher in pre-market activity this morning.