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CBS (CBS) said today that its board of directors has approved a quarterly dividend of 18 cents per share on the company's stock. 

The dividend is payable on July 1 to shareholders of record on June 9.

Earlier this week, CBS announced that it would add eight new shows to its prime-time lineup next year, including a prequel to its hit show 'The Big Bang Theory' ahead of the media company's presentation to advertisers.

Shares of CBS were higher nearly 2% during afternoon trading on Friday.

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