NEW YORK: Just twenty months on from its spinoff from parent holding company Viacom, CBS is romancing investors by announcing its fifth dividend rise, this time by 14% to 25 cents a share.
The cash will be paid out on October 1.
Moreover, the buoyant media giant is also to embark on a $1.6 billion (€1.18bn; £795.7m) stock buyback, to be implemented via an accelerated share-repurchase transaction. The move follows a similar $1.5bn announcement in February.
Says president/ceo Leslie Moonves: "Raising our dividend and using a portion of our excess cash to buy back shares reaffirms CBS's commitment to return a sizable portion of our strong free cash flow to shareholders."
Data sourced from Wall Street Journal Online. additional content by WARC staff