Associated Press

Viacom Inc., the media conglomerate controlled by Sumner Redstone, said Thursday its fourth-quarter profit fell 69 percent as the recession hurt advertising, home entertainment and video game revenue and it recorded $454 million in charges.

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The owner of the MTV, Nickelodeon and Comedy Central cable networks and the Paramount movie studio said it earned $173 million, or 28 cents per share. That was down from $559.5 million, or 86 cents per share, in the year-ago quarter.

Excluding charges for programming write-downs and restructuring related to the reduction of 850 jobs, or 7 percent of its work force, in December, New York-based Viacom earned 76 cents per share.

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Photo credit: Gnal (Creative Commons)