Sumner Redstone’s Viacom Inc., which provides entertainment for millions over a multitude of media platforms, is adding the sum of two-and-a-half cents to its upcoming quarterly dividend, sending out $0.275 per share to shareholders of record.
For those of you who do not have your calculators handy, the previous distribution was for a quarter per share. It is payable to holders of Class A and B common stock. It will be paid 7/2/12 to shareholders of record as of 6/15/12.
Viacom President and CEO Philippe Dauman said, “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. 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.”
Marci Ryvicker of Wells Fargo said the 10% increase was nice and expected but overdue and below expectations – they were looking for an increase more along the lines of 20%. Still, she called the move a “mild positive.”