Viacom Boosts Dividend from 15 Cents to 25 Cents a Share
"Viacom is in excellent shape financially and momentum across our businesses is strong," says president and CEO Philippe Dauman.
NEW YORK - Viacom Inc. said Wednesday that its board has approved a 67 percent increase in its quarterly dividend from 15 cents to 25 cents per share.
Management had previously said it would push for a higher dividend as of mid-year. The news comes as media and entertainment giants have over the past couple of years focused more on returning value to shareholders via dividends and stock buybacks.
The higher Viacom dividend will be payable on July 1 to stockholders of record at the close of business on June 15.
Said Viacom president and CEO Philippe Dauman: "Viacom is in excellent shape financially and momentum across our businesses is strong. This substantial increase in our dividend, as well as our ongoing stock buyback program, reflects the confidence we have in our ability to generate ample free cash flow to support returning greater value to our stockholders while continuing to maintain a strong balance sheet and invest in the long-term growth of our operations."