May 17, 2018 / 10:41 PM / 4 days ago

CBS board approves special dividend, decision subject to court approval

LOS ANGELES (Reuters) - CBS Corp said on Thursday its board had approved a special dividend that would dilute controlling shareholder Shari Redstone’s stake in the U.S. media company to about 20 percent if the move is approved by a Delaware court.

A trader works below the CBS Corporation logo on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., May 14, 2018. REUTERS/Lucas Jackson

“If consummated, the dividend would enable the Company to operate as an independent, non-controlled company and more fully evaluate strategic alternatives,” CBS said in a statement.

Reporting by Lisa Richwine; Editing by Lisa Shumaker

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