Shareholders of Viacom are going to have some more cash to spend. The company’s board of directors has boosted the quarterly dividend by 67%.
The new quarterly dividend is 25 cents per share, up from the previous 15 cents. That’s just a dime, but if you’re Sumner Redstone that means you have $4.1 million more coming your way each quarter.
“Viacom is in excellent shape financially and momentum across our businesses is strong. This substantial increase in our dividend, as well as our ongoing stock buyback program, reflects the confidence we have in our ability to generate ample free cash flow to support returning greater value to our stockholders while continuing to maintain a strong balance sheet and invest in the long-term growth of our operations,” said Viacom President and CEO Philippe Dauman.
The increased dividend will be payable on July 1st to stockholders of record at the close of business on June 15th.