CBS Raises Share Repurchase Plan And Dividend

CBS shares are up more than 4% in pre-market trading after this morning’s announcement. The company says that stock buy-backs will rise 57% to $4.7B. It has already spent $1.7B, so the change means it will spend an additional $3B.  CBS also is accelerating the plan: It expects to make all of the repurchases by the end of 2014. Meanwhile the board authorized a 20% jump in the quarterly dividend to 12 cents a share. The next payment is scheduled for October 1 to shareholders of record as of September 10. CFO Joseph Ianniello told analysts in May that in 2011 “we doubled our dividend as well as doubled our share buyback program. So again, we’re looking at that all the time. We’re committed. And it’s our major priority to look to increase that over time.”