By Lauren Pollock
Walt Disney Co. raised its quarterly dividend by 34% following a
string of record results at the media and entertainment
company.
The increase--to 28.75 cents a share from 21.5 cents--will cost
the company an extra $500 million a year and brings the dividend
yield to 1.2%.
Other media companies have similar yields, with Time Warner Inc.
at about 1.5% and CBS Corp. at 1.1%.
Chief Executive Robert Iger noted the company logged the highest
results in its history in the most recently completed fiscal year,
continuing a recent trend.
Disney reported in November that its earnings rose 7.5% in the
final quarter of its business year, driven by higher revenue at its
studio entertainment and media networks divisions.
Results at Disney's film studio--and, to a lesser extent, its
consumer-products division--have soared in recent quarters thanks
to the blockbuster box-office and DVD/digital sales of
"Frozen."
Within Disney's media networks, things have looked relatively
strong. ABC has been the top-rated broadcast network so far this
season. And ESPN's live sports content is increasingly valuable in
a world where more networks may offer content directly to consumers
via the Internet.
Write to Lauren Pollock at lauren.pollock@wsj.com
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