CenturyLink does this too - they're a tech
holding company who buys and sells companies (Level3, Tier3, Savvis, Cyxtera, Electricbox, etc) in order to reap M&A tax benefits while squeezing the engineers.
Of course, these businesses don't make enough money to cover the massive shareholder draw, so it's all a stage play to convince Wells Fargo to loan them enough to pay those dividends.
It's an untenable and irrational position in the long run, but markets can remain irrational longer than individuals can remain solvent. And many businesses are in this same situation, needing bank loans to pay never-reducing dividends.