CBS ANNOUNCES $50 MILLION SHARE REPURCHASE PROGRAM
CBS ANNOUNCES $50 MILLION SHARE REPURCHASE PROGRAM NEW YORK, Dec. 11 /PRNewswire/ -- CBS Inc. (NYSE: CBS) announced
today that its board of directors has authorized a share repurchase program for up to $50 million of the company's common stock. The share repurchases would be made periodically in the open market at such prices as the company considers advisable and in compliance with the SEC regulations.
In July 1991, CBS announced that it would issue up to $50 million of common stock in connection with the purchase of substantially all of the assets of Midwest Communications, Inc. The closing of that transaction is pending, subject to the approval of Midwest's shareholders and the granting of certain regulatory consents and waivers. Currently, approximately 13.2 million shares of CBS common are outstanding. -0- 12/11/91 /CONTACT: Keith Fawcett of CBS, 212-975-6824/ (CBS) CO: CBS Inc. ST: New York IN: ENT SU: FC-SH -- NY017 -- 1367 12/11/91 10:21 EST