Verizon Wireless on Monday announced that its board has approved a $8.5 billion payout to its owners, Verizon communications and Vodafone.

The payment will be made according to each entity's stake in Verizon Wireless. Currently Verizon Communications owns a 55 percent share of Verizon Wireless, while Vodafone owns 45 percent of the partnership.

Verizon Wireless said it will make the payements to its parent companie on or before Dec. 31, 2012.

The annoucement follows on a $10 billion payout that Verizon Wireless made in July 2011 to its partners. That committment, which included $5.5 billion for Verizon Communcations and $4.5 billion for Vodafone, also included a $2 billion dividend paid to shareholders.

Verizon reported a strong third quarter. The company posted operating of $6 billion, up 17 percent, on revenue of $19 billion.