CBS Board Approves Increases In Dividend And Share Buyback Program

CBS Corp. said on Thursday its board of directors has approved an increase in its share buyback program to $6 billion. The board also voted to raise its quarterly dividend 20% to 18 cents per share from 15 cents. The company said the new rate takes effect for the next scheduled payment on Oct. 1, to shareholders of record as of Sept. 9. CBS shares have gained 2.6% in the last 12 months and are up 14.8% in the year to date, outperforming the S&P 500 Index , which is up 6.0%