Viacom Increases Quarterly Dividend
The entertainment company raises its shareholder payout from 25 cents to 27.5 cents per share.
Viacom said Wednesday that its board has approved a 10 percent increase in its quarterly dividend to 27.5 cents per share from 25 cents.
The increase will take effect starting with Viacom's next quarterly dividend, payable on July 2 to stockholders of record at the close of business on June 15.
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Among the shareholders benefiting from the increase is chairman Sumner Redstone.
"We are pleased that our consistently strong cash flows and solid balance sheet have allowed us to increase our dividend rate for the second time in the two years of our dividend program," said Viacom president and CEO Philippe Dauman said. "Returning value to our shareholders is a priority for Viacom, both in our dividend policy and our stock buyback program, which we maintain alongside our ongoing and robust investment in our leading global brands."