Verizon Wireless on Monday announced that its board has approved an $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 payments to its parent companies on or before Dec. 31.

The announcement follows on a $10 billion payout that Verizon Wireless announced in July 2011 to its partners. That commitment included $5.5 billion for Verizon Communications and $4.5 billion for Vodafone and was paid out on Jan. 1.

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