CBS (CBS) to Accelerate $1B Share Buyback Plan
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CBS Corporation (NYSE: CBS-A) and (NYSE: CBS) announced today that it plans to repurchase an additional $1 billion of its Class B common stock in 2013, nearly doubling the Company's commitment for the year. CBS plans to initiate the accelerated share repurchase (ASR) transaction during the first quarter.
"Our plan to repurchase an additional $1 billion shares of CBS stock this year demonstrates both the confidence we have in our future and the commitment we have to our shareholders," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "Our growing sources of high-margin, non-advertising revenue, along with the strategic initiatives we announced for our Outdoor segment last month, are transforming CBS into a Company that is more reliant on steady and recurring revenue streams. As the evolution of CBS continues, we believe this stock buyback represents the best use of our cash and is in the best interest of our shareholders."
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"Our plan to repurchase an additional $1 billion shares of CBS stock this year demonstrates both the confidence we have in our future and the commitment we have to our shareholders," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "Our growing sources of high-margin, non-advertising revenue, along with the strategic initiatives we announced for our Outdoor segment last month, are transforming CBS into a Company that is more reliant on steady and recurring revenue streams. As the evolution of CBS continues, we believe this stock buyback represents the best use of our cash and is in the best interest of our shareholders."
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