Viacom Boosts Dividend By 21 Percent

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Philippe Dauman

The company had been paying a 33 cent per-share dividend.

Viacom boosted its quarterly dividend by 21 percent to 40 cents per share, the media conglomerate said in a regulatory filing Wednesday.

"Our strong balance sheet and substantial cash flow have allowed us to increase our quarterly dividend each year since it was initiated in 2010. We also look forward to resuming our buyback program in October," CEO Philippe Dauman said.

Shares of Viacom were up 1 percent to $66 in midday trading Wednesday after the announcement.

The company had been paying a 33 cents per share dividend.

"Viacom is deeply committed to returning capital directly to our shareholders while investing in high-quality programming, expanding in the U.S. and abroad, and developing new and innovative consumer and advertising initiatives," Dauman said.