Viacom Boosts Quarterly Dividend 9 Percent

UPDATED: It's the third time in three years that the company has raised its dividend.

Viacom boosted its quarterly dividend by 9 percent, telling investors on Wednesday it would pay 30 cents per share. It’s the third increase since initiating a dividend three years ago.

“Our solid balance sheet and strong cash flow provide us the flexibility for continued investment in our popular brands and properties while delivering substantial capital directly to stockholders through dividends and our ongoing $10 billion share repurchase program,” Viacom CEO Philippe Dauman said.

Viacom shares were fractionally lower on Wednesday, though they are up 33 percent so far this year.