Viacom Raises Stock Dividend By 9%

Company Will Pay 30 Cents Per Quarter

Viacom said its board approved a 9% increase in its quarterly stock dividend to 30 cents a share.

Many media companies have been buying back stock and increasing their dividend as a way to increase the attractiveness of their shares.

"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," CEO Philippe Dauman said in a statement. "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."