Viacom 4Q Profit Falls

By: AP
By: AP

NEW YORK - Media conglomerate Viacom Inc. says its fourth-quarter profit fell 69 percent as the recession hurt its overall growth and it reported $454 million in restructuring and other charges.

New York-based Viacom said Thursday it earned $173 million, or 28 cents per share, compared with $559.5 million, or 86 cents per share, in the year-ago quarter.

Excluding restructuring and other charges, Viacom earned 76 cents per share. This is a penny less than what analysts polled by Thomson Reuters expected.

Revenue was essentially flat at $4.24 billion — in line with analyst expectations.

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