CBS Corp. Raises Dividend 20 Percent
CBS Corp., led by CEO Leslie Moonves, said Thursday that its board has approved a 20 percent dividend increase and an expansion of its stock buyback program.
The news marks a continuation of the company's 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 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.
Under its previous stock buyback authorization, CBS Corp. has spent $1.7 billion on buybacks. It will now have $3 billion for additional buybacks. "The company intends to accelerate the pace of the newly expanded program and complete it by the end of 2014," CBS Corp. said.
Its stock trended higher in pre-market activity Thursday.