CBS Corporation Increases Quarterly Dividend By 14% and Announces $1.6 Billion Stock Repurchase Program

CBS Corporation Increases Quarterly Dividend By 14% and Announces $1.6 Billion Stock Repurchase Program

NEW YORK, Sept. 4 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE:CBS) (NYSE:and) (NYSE:CBS.A) today announced that its Board of Directors has authorized an increase in the quarterly dividend by 14% from 22 to 25 cents per share. The dividend is payable on October 1, 2007 to stockholders of record as of September 14, 2007.

In addition, the Board has approved a $1.6 billion stock repurchase program which the Company will implement via an accelerated share repurchase transaction.

"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," said Leslie Moonves, President and Chief Executive Officer. "Since January 1, 2006 we have raised our quarterly dividend by nearly 80%."

CBS Corporation (NYSE:CBS.A) (NYSE:and) (NYSE:CBS) is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW - a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CSTV Networks), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products) and video/DVD (CBS Home Entertainment). For more information, log on to www.cbscorporation.com.

First Call Analyst:
FCMN Contact: KJorgensen@cbs.com

Source: CBS Corp.

CONTACT: Press: Dana McClintock, +1-212-975-1077, dlmcclintock@cbs.com;
or Investor Relations: Debra Wichser, +1-212-975-3718, debra.wichser@cbs.com,
both of CBS Corp.

Web Site: http://www.cbscorporation.com/

Company News On-Call: http://www.prnewswire.com/comp/185007.html

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Profile: International Entertainment