CBS Hikes Quarterly Dividend by 20 Percent

Company’s board of directors also votes to expand share repurchase program to $6 billion

Last Updated: July 28, 2016 @ 5:19 PM

CBS Corporation’s board of directors has approved a 20 percent dividend increase for shareholders.

The company will now distribute 18 cents per share in excess capital to stockholders on a quarterly basis, up from 15 cents. The new rate will take effect on the next scheduled dividend payment date of Oct. 1, to shareholders of record as of Sept. 9.

Additionally, the board also voted to increase the company’s share repurchase program to $6 billion of total availability. As of June 30, the program had $1 billion remaining.

CBS is set to unveil its second-quarter 2016 earnings this afternoon, after the U.S. stock markets close.

Last quarter, the company beat out Wall Street’s expectations at both its top and bottom lines — thanks Super Bowl 50!