Viacom to resume stock buyback program, start paying dividend

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Media giant Viacom Inc., parent of cable networks MTV, Comedy Central and Nickelodeon as well as Paramount Pictures, said its board of directors has given a green light for the company to resume its stock buyback program.

Viacom suspended its stock buybacks early last year when the economy was in the midst of its tailspin. Viacom Chief Executive Philippe Dauman said the company may buy as much as $4 billion of its stock. The company also said it would start paying a quarterly dividend of 15 cents per share.

The buyback program will start in the fourth quarter of 2010.

-- Joe Flint