Content provider Viacom (NASDAQ: VIAB ) announced yesterday its second-quarter dividend of $0.30 per share for its Class A and Class B stock, a 9% increase from the $0.275 per share payout made last quarter.
The board of directors said the quarterly dividend is payable on July 1 to the holders of record at the close of business on June 14. The bank has raised the payout every year for the past three years.
Viacom President and CEO Philippe Dauman said:
Viacom is pleased to provide even greater value to shareholders through another increase in our quarterly dividend -- the third increase since we initiated our 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.
The regular dividend payment equates to a $1.20-per-share annual dividend, yielding 1.7% based on the closing price of Viacom's stock on May 22.