CBS Approves Stock Buyback, Dividend Increase

Sep 4, 2007  •  Post A Comment

CBS Corp.’s board of directors has approved a $1.6 billion limited stock-buyback program and a 14 percent quarterly dividend increase, from 22 cents to 25 cents per share.
The dividend is payable Oct. 1 to stockholders of record as of Sept. 14.
Barring any major changes in stock prices in the next month, the buyback plan would amount to about 50 million shares, or about 7 percent of the more than 700 million shares outstanding.
“Raising our dividend and using a portion of our excess cash to buy back shares reaffirms CBS’ commitment to return a sizable portion of our strong free cash flow to shareholders,” CBS Corp. President and CEO Leslie Moonves said in the announcement Tuesday. “Since Jan. 1, 2006, we have raised our quarterly dividend by nearly 80 percent.”
(Editor: Horowitz)

One Comment

  1. I love CBS and what they do, but this is a smart move to keep the shareholders happy and keep more investors buying in. They a have a good long-term strategy and the split of CBS and Viacom has worked out well for CBS. They may have to look at how to diversify more from the CSI franchise, but the fall line-up looks very solid, and I expect to see them moving forward with their numbers as “America’s Most Watched Network!”, even with Katie Couric’s numbers not being all of what they thought, she will gain in viewers over the next several months too. Just watch (CBS, that is)
    -Troy Woody

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