Viacom said weakness in the ad market and a charge to cover layoffs in December contributed to a 69% plunge in fourth-quarter earnings, TelevisionWeek reports. “Our fourth quarter results reflect the realities of a challenging economy, CEO Philippe Dauman said in a statement. “The broad marketplace conditions weighed on our advertising, home entertainment and consumer products businesses. At Viacom’s Media Networks group, which includes MTV and Nickelodeon, operating income fell 44%. Media Networks’ revenues were up 1% with a 3% decline in worldwide advertising revenues nearly offsetting a 12% increase in affiliate revenues. Viacom’s full earnings announcement is available here.
—Jon Lafayette