NEW YORK (AP) -- Viacom Inc. said Wednesday that it is increasing its quarterly dividend by 10 percent given its solid financial position.
The company will pay a dividend of 27.5 cents per share on July 2 to shareholders of record as of June 15. That payment is up from its most recent dividend of 25 cents per share.
Viacom, based in New York, owns movie studio Paramount Pictures and TV channels including MTV, Nickelodeon and Comedy Central.
The company said earlier this month that net income rose 56 percent in its latest quarter thanks to higher revenue from its TV networks.
Shares fell 63 cents, or 1.2 percent, to $50.83 in early afternoon trading.