Updated from 7:24 a.m. EST

Media company

Viacom

(VIA) - Get Report

said fourth-quarter earnings fell 69% to $173 million, or 28 cents a share, as revenue remained flat at $4.24 billion.

Excluding restructuring and other charges, Viacom said earnings from continuing operations were 76 cents a share compared with 84 cents a year earlier.

Analysts surveyed by Thomson Reuters expected fourth-quarter earnings of 77 cents a share on revenue of $4.24 billion.

The company said operating income in the quarter fell 51% to $475 million, including the impact of $454 million in restructuring and other charges.

"Our fourth-quarter results reflect the realities of a challenging economy," said Philippe Dauman, Viacom's president and CEO. "Broad marketplace conditions weighed on our advertising, home entertainment and consumer products businesses. That was offset, however, by solid growth in our affiliate and theatrical revenues, both up double digits."

Revenue from the company's media networks, like MTV and Nickelodeon, rose 1% to $2.48 billion, while revenue from filmed entertainment, which includes film studio Paramount Pictures, dipped 2% to $1.81 billion. The company said home entertainment revenue fell 6% to $1.02 billion.

For the full year, Viacom earned $1.25 billion, or $2 a share, compared with $1.84 billion, or $2.72 a share, in 2007.

Adjusted earnings rose to $2.38 a share -- an increase of 2 cents a share from 2007.

Revenue in 2008 rose 9% to $14.63 billion from $13.42 billion in 2007.

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