Viacom said Wednesday (May 23) 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.
Viacom reported earlier this month that its net income rose 56 percent this past quarter thanks to higher revenue from its TV networks. Viacom owns a range of TV broadcasters including MTV, Nickelodeon and Comedy Central as well as Paramount Pictures.
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."