Viacom to Increase Quarterly Cash Dividend by 21 Percent

The board’s move will bring payout up to 40 cents per share

Viacom announced Wednesday that its board of directors has approved a 21 percent hike in the quarterly cash dividend.

The increase will bring the dividend for Class A and B common stock up to 40 cents per share, from 33 cents, and will kick in with the company’s next quarterly dividend, payable on July 1, 2015.

The media giant’s president and CEO Philippe Dauman credited the increase to Viacom’s “strong balance sheet and substantial cash flow.”

“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. “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 by October.”

As of this writing, Viacom’s stock was up .7 percent on Wednesday, to $66.36, following the announcement.

 

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