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Viacom (VIAB) said today that its board of directors declared a quarterly dividend of 20 cents per share on both its Class A and Class B common stock.

The dividend is payable on July 3 to shareholders of record at the close of business on June 15.

Last week Deutsche Bank downgraded Viacom amid an 18% decline of the stock during the month of May. The firm cut its rating on the company to "sell" from "hold."

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The decline came after Charter Communications (CHTR) kicked Viacom properties MTV, Nickelodeon, BET, VH1 and Spike out of its basic cable tier package, forcing customers to pay extra for the channels.

Shares of Viacom were higher during afternoon trading on Thursday.

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