CBS Says Profit Rises 53%, Plans $1.5 Billion Buyback
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CBS Corp., owner of the most-watched U.S. broadcast network, said it plans to buy back $1.5 billion of its shares and reported third-quarter profit that rose 53 percent on stronger advertising sales.
The repurchase is the first announced since September 2007 by CBS, which cut its dividend by 81 percent in early 2009 to save cash. Class B common stock will be bought back starting in January, the New York-based company said today in a statement.