CBS Corp announced that that its board of directors approved the repurchase of US$5.1 billion in stock. The proposal was made after the completion of previous authorized buy backs. CBS invested US$6 million for the current buyback.

CBS Chairman Sumner Redstone said that the company is rushing with its buybacks for company shares after the CBS agreed to sell its billboard operations that are located in Europe and in Asia. The operations were sold to Platinum Equity, the private equity firm based in Los Angeles.

CBS announced that they have returned US$3.75 billion to the company's shareholders since January 2011. The owner of one of the largest TV network plans to fold its billboard division to a separate public company.  Shares for CBS rose as much as 1.7% in the extended trading to approximately US$53.40.  

CBS Corporation is the leading mass media corporation focused publishing, television production, commercial broadcasting and billboards.