The Walt Disney Co.’s board of directors raised the dividend on the entertainment company’s stock by 15% to 86 cents a share.
The move comes at a time when media companies stocks are near all-time highs, driven in part by stock buybacks and increasing dividends.
“Disney had a great year creatively and financially in fiscal 2013, delivering record revenue, net income and earnings per share for the third year in a row,” Bob Iger, chairman and CEO, said in a statement. “We are pleased to be able to increase our shareholder dividend by 15% while continuing to invest for future growth.”
The dividend will be paid Jan. 16 to shareholders of record at the end of business on Dec. 16.
Disney also said it will hold its annual shareholders meeting in Portland, Oregon, on March 18.