Viacom Inc., the parent of Paramount, MTV Networks and BET, witnessed wonderful last three months of the year 2009. The company's profit for the fourth quarter of 2009 grew by more than 300%.

In the fourth quarter the media company posted a net income of $694 million, or $1.14 per share, while for the same period last year the company posted net income of $173 million, or 28 cents.

The New York based media giant said today in a statement that the fourth quarter results of fiscal 2008 also included a $454 million restructuring cost. However, the profit figures in the last three months of the year beat the analyst's estimates who were expecting the fourth quarter profit of 88 cents per share. The net Sales for the quarter reported $4.1 billion decreasing by 3.4%.

For the full year 2009, the company posted a profit of $1.59 billion, or $2.62 per share, increasing by 29.3% as comparing to the profit of $1.23 billion in 2008. The company posted revenues of $13.62 billion in fiscal 2009, decreasing by 6.9% while in 2008 the company generated the revenue of $ 14.63 billion. Worldwide advertising sales fell 3 percent to $1.3 billion while revenue in the U. S. dropped 4 percent at Viacom cable networks that include VH1 and Spike.

The company is expecting that the advertising revenue both in U. S. and worldwide will improve in the first quarter of 2010.