Time Warner shareholders will get almost a penny more per share in cash thanks to the company’s decision to boost its quarterly dividend by about 13.6%.
The board approved management’s recommendation to boost the dividend from $0.055 per share to $0.0625 per share on its common stock. The increased amount will be payable Sept. 15 to stockholders of record at the close of business on Aug. 31.
“We’re delighted that Time Warner’s continued financial strength allows us to increase our dividend,” Chairman and CEO Dick Parsons said. “It highlights our strong confidence in the company’s business prospects and our clear commitment to return value directly to our shareholders.”
Like most major issues in a bleak Thursday session, Time Warner shares were down 2.2% mid-day, to $19.81.