Viacom Inc. (NASDAQ: VIAB and VIA) today announced that its Board of Directors has approved an increase in its quarterly dividend to $0.33 per share of Class A and B common stock from $0.30 per share.

The increase will take effect beginning with Viacom's next quarterly dividend, payable on July 1, 2014 to stockholders of record at the close of business on June 13, 2014.

Viacom President and CEO Philippe Dauman said, "As we increase investment in content and build our business worldwide, we remain committed to also returning significant capital directly to our shareholders. Viacom's financial strength and ongoing operational discipline allow us to deliver on this commitment, through our ongoing share buyback and dividend program."