CBS Corporation Increases Share Repurchase Program; Announces Dividend

CBS Corporation announced that its Board of Directors has approved an increase in the amount of value it will return to shareholders, bringing the total amount authorized under the Company's share repurchase program to $4.7 billion. The program, which was initiated in January 2011, will be increased by 57%. In addition, the Board voted to increase the Company's quarterly dividend by 20%. To date, CBS has spent $1.7 billion on this share repurchase program, and given today's announcement, it will now have $3 billion remaining in the program. The Company intends to accelerate the pace of the newly expanded program and complete it by the end of 2014. The Company will continue to use the program to repurchase CBS Corporation Class B common stock. At the same time, the Company's Board of Directors has approved a 20% increase to CBS Corporation's quarterly dividend, which will now be $.12 per share. The next scheduled dividend is payable on October 1, 2012, to shareholders of record as of September 10, 2012.