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CBS board approves special dividend, decision subject to court approval

LOS ANGELES, May 17 (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.

"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)