Viacom today doubled its stock repurchase program to $20B following a bullish earnings report.

The cable TV (Nickelodeon, Spike, Comedy Central and BET) and filmed entertainment powerhouse (Paramount Pictures) reported a 20.4 surge in net income to $643M on a 14 percent rise in third-quarter revenues to $3.7B.

CEO Sumner Redstone said the upswing “demonstrated the value of our world-leading brands, global reach and devoted audiences.” He expects more growth due to the improving economy.

Wall Street responded to the stock repurchase news, bidding Viacom’s shares up six percent to $78.69.

CEO Phillippe Dauman, said the buyback program highlights the confidence we have in our business and the value of Viacom's stock. 

Redstone, who is 89, controls 79.4 percent of Viacom.