NEW YORK, Feb. 27 /PRNewswirel/ — CBS Corporation (NYSE: CBS and CBS.A) today announced that its Board of Directors voted to increase the quarterly dividend by 10% from 20 to 22 cents per share.
The dividend is payable on April 1, 2007 to stockholders of record as of March 7, 2007. CBS has now raised its quarterly dividend by nearly 60% since it became a stand-alone company last year.
In addition, the Board has approved a $1.5 billion share repurchase program which will commence this quarter. “The dividend increase and share buyback program are a direct reflection of the confidence we have in our ongoing ability to generate strong, healthy free cash flow,” said Leslie Moonves, President and Chief Executive Officer. “We have a long-standing commitment to return value to our shareholders and these initiatives are proof positive that we will continue to honor it.”