China Digital TV Holding Co (NYSE:STV) declared a special cash dividend of $0.56 per share for the company’s ordinary sharesEach of the company's American depositary shares represents one ordinary share in the company.Shareholders of record as of the close of business on June 20, 2011, U.S. Eastern Daylight Time, will receive the dividend. The total payout is $33.421 million. The dividend will be paid on or around December 30, 2011.Mr. Jianhua Zhu, China Digital TV's Chairman and Chief Executive Officer commented, "Our Board of Directors believes that maximizing shareholder value through a special dividend is an efficient use of cash at this time. Furthermore, our strong cash position will allow us to continue to support our multiple long-time growth objectives."This is the third dividend the company has declared since its initial public offering and listing on the NYSE in 2007.China Digital is trading up 11.03% to $6.44 per share.