CBS slashed its annual dividend by 81 per cent as it moved to assure investors it would be able to self-fund its debt maturities until the end of 2012 despite few signs of an advertising market recovery in 2009.

Although the US broadcaster’s programmes topped viewer ratings last year, declines in revenue and profits nearly across the board, excluding its digital business, led to a 52 per cent drop in net income for the fourth quarter.