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Viacom increases quarterly dividend by 9 percent

NEW YORK (AP) -- Viacom Inc. said Wednesday that it will increase its quarterly dividend by 9 percent.

The entertainment company will pay its new dividend of 30 cents per share for its Class A and B shares, up from its previous dividend of 27.5 cents per share. The new dividend is payable on July 1 to shareholders of record as of June 14.

It is the New York-based company's third increase since it initiated its dividend three years ago.

Viacom Class B shares increased 60 cents to $70.18 in afternoon trading after rising as high as $70.91 earlier in the day, an all-time high.