The company plans to initiate an accelerated share repurchase of $1.5 billion of its Class B common stock during Q1. In addition, CBS plans to step up the pace of its open market share repurchases. As a result, CBS plans to use a total of $2 billion of its share buyback program during Q1.
“The $2 billion of our share repurchase program that we plan to spend in the first quarter is nearly the same amount as our total share buyback program in 2013,” said Les Moonves, CBS Corp. CEO. “Returning value to shareholders is a top priority at CBS. And these actions underscore the great confidence we have in our future as we continue to evolve into a company that is more reliant on fast-growing, non-advertising revenue streams.”