(Reuters) - Viacom Inc said it raised its quarterly cash dividend by 21 percent to 40 cents per share from 33 cents.
Viacom said the increase will take effect beginning with the company's next quarterly dividend, payable on July 1.
The company, which owns MTV, Comedy Central and Nickelodeon, has been struggling over the past several quarters because of declining ratings and changing TV viewing habits, including the dumping of pricey cable subscriptions.
The company's stock is down 12 percent this year as questions linger about who will succeed Chairman Sumner Redstone, as speculation about his health intensifies.
(Reporting by Sai Sachin R in Bengaluru; Editing by Sayantani Ghosh)