NEW YORK (TheStreet) -- Verizon Communications (VZ) edged higher after striking a deal with Scripps Networks Interactive (SNI) for a multi-year agreement to license content. AT&T (T) dipped despite declaring a dividend.
Verizon Communications inched higher by 0.4% to close at $47.64.
The telecommunications carrier advanced after reaching a multi-year content licensing agreement with Scripps Network Interactive, according to a Zacks report. Under the agreement, Verizon will stream Scripps' TV channels as part of its mobile video service, according to Zacks.
Verizon is preparing to offer 20 to 30 TV channels as part of its mobile video service that it expects to roll out later this year, according to Zacks.
This move is the lastest Verizon is taking to bolster its content offerings. Earlier this month, Verizon closed its $4.4 billion deal to acquire media company AOL. This activity is part of a wider push in the telecom industry that is increasingly hooking up with content and entertainment deals. AT&T and DirecTV (DTV), for example, are in the midst of trying to get regulatory approval for their merger deal valued at $49 billion.
AT&T edged down 0.1% to finish the day at $36.15.
Earlier in the day the telecom giant declared a 47 cent dividend, but that failed to move its shares higher. In part, the reason may be that AT&T is offering the same dividend that it offered in April and January of this year. Chances are, it will likely offer one more 47-cent dividend before the year is up, based on its past history.
AT&T generally offers a dividend each quarter for the same amount that was offered at the start of the year. As a result, the dividend announced Friday was not all that much of a surprise. AT&T investors may likely show their enthusiasm for the dividend amount next year when AT&T may set a new higher level, should history repeat itself.