Viacom Inc. said Wednesday that it has boosted its quarterly dividend by 21% and reaffirmed plans to resume stock buybacks in October.

Viacom will pay out a dividend of 40 cents on Class A and B shares, up from 33 cents. The increase brings its yield up to 2.4%.

Viacom said in April that it would "temporarily pause" its $20 billion share repurchase program as it took heavy charges for job cuts and to write down the value of underperforming shows hurt by weak ratings, a soft advertising market and growing online competition.

With its large bundle of young-skewing channels, Viacom has been among the media companies hardest hit by the defection of younger viewers to online video.

The ratings-challenged company has shown some signs of progress lately after announcing plans to shift half its advertising business away from traditional TV ratings. In the latest quarter, the company's ad revenue fell much more slowly than its ratings.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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