CBS hikes dividend, okays buyback

Entertainment giant raises quarterly dividend 14 percent to 25 cents per share; payable to investors Oct. 1.

September 4 2007: 9:09 AM EDT

NEW YORK (CNNMoney.com) -- CBS announced Tuesday that its board has approved an increase in the quarterly dividend as well as a $1.6 billion stock buyback.

The new dividend of 25 cents per share will be payable to investors Oct. 1, 2007.

"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," CEO Leslie Moonves said in a statement.

"Since January 1, 2006, we have raised our quarterly dividend by nearly 80 percent."

Shares of CBS (Charts, Fortune 500) closed Friday at $31.51 on the New York Stock Exchange. Top of page

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.
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