Media conglom also resumes share buyback program

Viacom announced Wednesday it is initiating a quarterly cash dividend of 15 cents a share, as well as resuming its share buyback program.

Dividend begins with the current quarter, which ends June 30.

Sumner Redstone’s media conglom suspended its share buyback plan in early 2009 because of the weak economy. Viacom will begin repurchasing stock in the fourth quarter, with the board boosting the authorized spend to $4 billion.

In announcing the news, Viacom chief executive Philippe Dauman said it reflects the company’s “commitment to return value to our stockholders and our confidence in Viacom’s ability to deliver long-term, sustainable growth.”

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