Viacom Raises Stock Dividend by 21%

Payout Follows Media Firm's $785 Million Restructuring

Viacom said its board of directors has approved a 21% increase in the company’s quarter dividend to 40 cents per share of class-A and class-B common stock.

The dividend increase follows a restructuring at the media company that included layoffs at most of its operating divisions and led to a charge against earnings of $785 million earlier this year to cover costs, including severance payments.

The company said the restructuring would lead to savings and make the company more focused. At the time Viacom also suspended the stock buyback program.

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