CBS Board Approves $5.1 Billion in Additional Share Buybacks

July 25 (Bloomberg) -- CBS Corp., owner of the most-watched TV network, said its board approved an additional $5.1 billion in stock repurchases, after completing most of a previous authorization. The shares rose.

The total amount in the current buyback plan is $6 billion, New York-based CBS said today in a statement.

CBS, controlled by Chairman Sumner Redstone, is stepping up the buybacks after agreeing to sell its billboard operations in Asia and Europe to the Los Angeles-based private equity firm Platinum Equity. CBS, which said it has returned $3.75 billion to shareholders since January 2011, plans to fold the rest of its billboard division into a separate public company.

CBS rose as much as 1.7 percent in extended trading to $53.40. The stock was little changed at $52.49 at the close in New York and has climbed 38 percent this year.

To contact the reporter on this story: Andy Fixmer in Los Angeles at afixmer@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net