- Operating Income Increased 14% with Gains in Filmed Entertainment and Media Networks

- Adjusted Net Earnings from Continuing Operations Grew 24%- Adjusted Diluted EPS of $0.69 Rose 25% versus the Prior Year's Adjusted Results

Viacom Inc. (NYSE: VIA and VIA.B) today reported a 14% increase in operating income and a 24% rise in adjusted net earnings for the third quarter ended September 30, 2009, with growth in Filmed Entertainment and Media Networks.

2009 Results
		Quarter Ended								Nine Months Ended
		September 30,				B/(W)				September 30,				B/(W)
(in millions, except per share amounts)						2009 vs. 2008								2009 vs. 2008
		2009		2008						2009		2008
Revenues	$	3,317		3,408		(3%)			$	9,521		10,382		(8%)
Operating income		784		689		14%				1,812		2,048		(12%)
Adjusted operating income(1)
		784		689		14%				1,845		2,048		(10%)
Net earnings from continuing operations attributable to Viacom
		443		385		15%				897		1,061		(15%)
Adjusted net earnings from continuing operations attributable to Viacom(1)
		421		339		24%				896		1,027		(13%)
Diluted EPS from continuing operations
		0.73		0.62		18%				1.48		1.68		(12%)
Adjusted diluted EPS(1)
	$	0.69		0.55		25%			$	1.47		1.63		(10%)
(1)Adjusted measures referenced in this release are detailed in the    Supplemental Disclosures at the end of this release.

During the third quarter 2009, Viacom revenues decreased 3% to $3.32 billion, primarily reflecting lower home entertainment and advertising sales, which more than offset increases in affiliate sales and theatrical revenues. The gain in operating income in the quarter was driven primarily by an $88 million increase in the Filmed Entertainment segment. Adjusted net earnings from continuing operations attributable to Viacom were $421 million, up 24% over the third quarter 2008 results, with adjusted diluted earnings per share (EPS) of $0.69, a 25% increase over the prior year's results.

Sumner M. Redstone, Executive Chairman of Viacom, said, "As we enter a period of economic recovery, Viacom is already beginning to reap the benefits of a highly focused and well executed strategy. With our strong brands and growing global footprint, we are well positioned to capitalize on future opportunities."

Philippe Dauman, President and Chief Executive Officer of Viacom, said, "We continued to take a number of actions to strengthen our financial position, tighten our operations and improve execution across our businesses. The third quarter proved to be an opportune time to extend our long-term debt maturities at favorable rates, which allowed us to further strengthen our balance sheet. We continue to build on our leadership position in the cable networks business by strengthening our brands and working closely with our marketing partners to develop comprehensive, multiplatform solutions. A stronger programming slate drove ratings gains at several core networks and MTV delivered another record-setting Video Music Awards. And fans young and old have come together to celebrate The Beatles: Rock Band.

"At Paramount, the release of Transformers: Revenge of the Fallen late in the second quarter coupled with the mid-summer release of G.I. Joe: The Rise of Cobra continued to draw audiences into theatres, driving the studio's theatrical revenues and positioning us well for fourth quarter DVD sales."

Revenues
Revenues		Quarter Ended							B/(W)			Nine Months Ended							B/(W)
		September 30,							2009 vs.			September 30,							2009 vs.
(in millions)			2009			2008			2008					2009		2008			2008
Media Networks		$	2,124		$	2,128			-			$		5,955	$	6,281			(5%)
Filmed
Entertainment			1,224			1,309			(6%)					3,691		4,226			(13%)
Eliminations			(31)			(29)			N/M					(125)		(125)			N/M
Total revenues		$	3,317		$	3,408			(3%)			$		9,521	$	10,382			(8%)
N/M = Not Meaningful

Third Quarter 2009 revenues of $3.32 billion declined 3% from $3.41 billion in 2008. Media Networks revenues were essentially flat at $2.12 billion, with solid growth in affiliate sales offset by lower advertising and ancillary revenues. Worldwide affiliate revenues grew 10% in the quarter. Domestic advertising revenues were down 4%, which is a 2-percentage point sequential improvement over the second quarter 2009 results. Worldwide advertising revenues declined 5%. Strong sales of The Beatles: Rock Band video game were offset by lower home entertainment and consumer products revenues, resulting in a 3% decrease in worldwide ancillary revenues. Filmed Entertainment revenues were down 6% year-over-year to $1.22 billion as weakness in home entertainment sales more than offset growth in theatrical revenues. Transformers: Revenge of the Fallen and G.I. Joe: The Rise of Cobra fueled a 16% increase in worldwide theatrical revenues. Worldwide home entertainment revenues decreased 21%, which primarily reflects a difficult comparison with the strong performance of the DVD release of Iron Man in the third quarter of 2008. Television license fees were down 8% in the quarter.

Operating Income
Operating Income	Quarter Ended							B/(W)			Nine Months Ended						B/(W)
(Loss)	September 30,							2009 vs.			September 30,						2009 vs.
(in millions)		2009			2008			2008				2009			2008		2008
Media Networks	$	773		$	761			2%			$	2,089		$	2,220		(6%)
Filmed
Entertainment		69			(19)			N/M				(62)			4		N/M
Corporate		(59)			(53)			(11%)				(181)			(176)		(3%)
Eliminations		1			-			N/M				(1)			-		N/M
Total adjusted operating income
	$	784		$	689			14%			$	1,845		$	2,048		(10%)
Adjustments(1)		-			-			N/M				(33)			-		N/M
Total operating income
	$	784		$	689			14%			$	1,812		$	2,048		(12%)
N/M = Not Meaningful
(1) Adjustments, which affect the nine-month period, are detailed in the
Supplemental Disclosures at the end of this release.

Third Quarter 2009 operating income increased 14% to $784 million compared with $689 million in the third quarter of 2008. This result was driven by the Filmed Entertainment segment which swung from a loss in the previous year to a $69 million profit in the third quarter of 2009, reflecting the strong performance of Transformers: Revenge of the Fallen and the positive impact of the 2008 restructuring and other cost-saving initiatives. Media Networks operating income grew 2% to $773 million, reflecting continued growth in affiliate revenues as well as the benefits from the 2008 restructuring and other cost-saving initiatives.

Third Quarter 2009 adjusted net earnings from continuing operations attributable to Viacom increased $82 million, or 24%, to $421 million, principally due to higher operating income. Adjusted diluted earnings per share for the quarter were $0.69, a 25% increase over $0.55 in the third quarter of 2008. These results exclude the favorable impact of discrete tax benefits as well as an after-tax loss related to the extinguishment of debt in the quarter.

Debt

At September 30, 2009, total debt outstanding, including capital lease obligations, decreased to $6.85 billion, compared with $8.00 billion at December 31, 2008. The Company's cash balances decreased to $249 million at September 30, 2009 compared with $792 million at December 31, 2008.

About Viacom

Viacom, consisting of BET Networks, MTV Networks and Paramount Pictures, is the world's leading entertainment content company. It engages audiences on television, motion picture and digital platforms through many of the world's best known entertainment brands, including MTV, VH1, CMT, Logo, Nickelodeon, Nick at Nite, Nick Jr., COMEDY CENTRAL, Spike TV, TV Land, BET, Rock Band, AddictingGames, Atom, Neopets, Shockwave and Paramount Pictures. Viacom's global reach includes approximately 170 channels and 400 online properties in more than 160 countries and territories.

For more information about Viacom and its businesses, visit www.viacom.com.

Cautionary Statement Concerning Forward-Looking Statements

This news release contains both historical and forward-looking statements. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements reflect the Company's current expectations concerning future results, objectives, plans and goals, and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause actual results, performance or achievements to differ. These risks, uncertainties and other factors include, among others: the worsening of current economic conditions generally, and in advertising and retail markets in particular; the public acceptance of the Company's programs, motion pictures and games on the various platforms on which they are distributed; competition for audiences and distribution; technological developments and their effect in the Company's markets and on consumer behavior; fluctuations in the Company's results due to the timing, mix and availability of the Company's motion pictures and games; changes in the Federal communications laws and regulations; the impact of piracy; other domestic and global economic, business, competitive and/or regulatory factors affecting the Company's businesses generally; and other factors described in the Company's news releases and filings with the Securities and Exchange Commission, including its 2008 Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. The forward-looking statements included in this document are made only as of the date of this document, and the Company does not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

VIACOM INC.
CONSOLIDATED STATEMENTS OFEARNINGS
(Unaudited)
		Quarter Ended						Nine Months Ended
(in millions, except earnings		September 30,						September 30,
per share amounts)			2009			2008			2009			2008
Revenues		$	3,317		$	3,408		$	9,521		$	10,382
Expenses:
Operating			1,790			1,945			5,481			5,992
Selling, general and
administrative			663			682			1,986			2,061
Depreciation and amortization			80			92			242			281
Total expenses			2,533			2,719			7,709			8,334
Operating income			784			689			1,812			2,048
Interest expense, net			(107)			(123)			(325)			(363)
Equity in losses of investee
companies			(1)			(32)			(57)			(48)
Loss on extinguishment of debt			(84)		-				(84)		-
Other items, net			(13)			(23)			(47)			(38)
Earnings from continuing operations
before provision for income taxes			579			511			1,299			1,599
Provision for income taxes			(133)			(122)			(392)			(526)
Net earnings from continuing
operations			446			389			907			1,073
Discontinued operations, net of tax			20			16			20			17
Net earnings (Viacom and
noncontrolling interests)			466			405			927			1,090
Less: Net earnings attributable to
noncontrolling interest			(3)			(4)			(10)			(12)
Net earnings attributable to Viacom		$	463		$	401		$	917		$	1,078
Amounts attributable to Viacom:
Net earnings from continuing
operations		$	443		$	385		$	897		$	1,061
Discontinued operations, net
of tax			20			16			20			17
Net earnings attributable to
Viacom		$	463		$	401		$	917		$	1,078
Basic earnings per share
attributable to Viacom:
Continuing operations		$	0.73		$	0.62		$	1.48		$	1.69
Discontinued operations		$	0.03		$	0.03		$	0.03		$	0.02
Net earnings per share
of Viacom		$	0.76		$	0.65		$	1.51		$	1.71
Diluted earnings per share
attributable to Viacom:
Continuing operations		$	0.73		$	0.62		$	1.48		$	1.68
Discontinued operations		$	0.03		$	0.03		$	0.03		$	0.03
Net earnings per share
of Viacom		$	0.76		$	0.65		$	1.51		$	1.71
Weighted average number of common
shares outstanding:
Basic			607.3			618.9			607.0			629.2
Diluted			608.6			619.3			607.9			630.1

VIACOM INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
		September 30,				December 31,
		2009				2008
(in millions, except par value)
ASSETS
Current assets:
Cash and cash equivalents		$	249			$	792
Receivables, net (including retained
interests in securitizations)			1,866				2,271
Inventory, net			854				881
Deferred tax assets, net			258				203
Prepaid and other assets			378				355
Total current assets			3,605				4,502
Property and equipment, net			1,042				1,145
Inventory, net			3,993				4,133
Goodwill			11,498				11,470
Intangibles, net			593				674
Other assets			576				563
Total assets		$	21,307			$	22,487
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	238			$	574
Accrued expenses			1,015				1,304
Participants' share and residuals			1,097				1,537
Program rights obligations			427				384
Deferred revenue			393				442
Current portion of long-term debt			101				105
Other liabilities			436				496
Total current liabilities			3,707				4,842
Long-term debt			6,751				7,897
Participants' share and residuals			544				488
Program rights obligations			576				621
Deferred tax liabilities, net			282				12
Other liabilities			1,233				1,556
Redeemable noncontrolling interest			170				148
Commitments and contingencies
Viacom stockholders' equity:
Class A Common stock, par value $0.001,
375.0 authorized; 57.4 and 57.4 outstanding,
respectively			-				-
Class B Common stock, par value $0.001,
5,000.0 authorized; 550.0 and 549.4
outstanding, respectively			1				1
Additional paid-in capital			8,256				8,186
Treasury stock			(5,725)				(5,725)
Retained earnings			5,408				4,496
Accumulated other comprehensive income
(loss)			89				(49)
Total Viacom stockholders' equity			8,029				6,909
Noncontrolling interests			15				14
Total equity			8,044				6,923
Total liabilities and equity		$	21,307			$	22,487

VIACOM INC. SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION

The following tables reconcile the Company's results for the quarter and nine months ended September 30, 2009 and 2008, respectively, to adjusted results that exclude the impact of severance charges, an impairment charge of a minority investment, early extinguishment of debt and net discrete tax benefits. The Company uses adjusted operating income, adjusted net earnings from continuing operations attributable to Viacom and adjusted diluted EPS as applicable, among other measures, to evaluate the Company's operating performance in the absence of certain items and for planning and forecasting of future periods. The Company believes that the adjusted results provide relevant and useful information for investors because it allows investors to view performance in a manner similar to the method used by the Company's management, improves their ability to understand the Company's operating performance and makes it easier to compare the Company's results with other companies. Since adjusted operating income, adjusted net earnings from continuing operations attributable to Viacom and adjusted diluted EPS are not measures of performance calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for operating income, net earnings from continuing operations attributable to Viacom and diluted EPS as indicators of operating performance and they may not be comparable to similarly titled measures employed by other companies.

Consolidated Results
(in millions, except per					Quarter Ended
share amounts)					September 30, 2009
								Net Earnings
					Pre-tax			from Continuing
					Earnings from			Operations
		Operating			Continuing			Attributable to
		Income			Operations (1)			Viacom (2)			Diluted EPS
Reported results		$	784		$	579		$	443		$	0.73
Adjustments:
Extinguishment
of debt(3)		-				84			52			0.08
Discrete tax
benefits(4)		-			-				(74)			(0.12)
Adjusted results		$	784		$	663		$	421		$	0.69
(in millions, except per					Nine Months Ended
share amounts)					September 30, 2009
								Net Earnings
					Pre-tax			from Continuing
					Earnings from			Operations
		Operating			Continuing			Attributable to
		Income			Operations (1)			Viacom (2)			Diluted EPS
Reported results		$	1,812		$	1,299		$	897		$	1.48
Adjustments:
Severance
charges(5)			33			33			21			0.03
Extinguishment
of debt(3)		-				84			52			0.08
Discrete tax
benefits(4)		-			-				(74)			(0.12)
Adjusted results		$	1,845		$	1,416		$	896		$	1.47

VIACOM INC.
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
Consolidated Results, con't.
(in millions, except per					Quarter Ended
share amounts)					September 30, 2008
								Net Earnings
					Pre-tax			from Continuing
					Earnings from			Operations
		Operating			Continuing			Attributable to
		Income			Operations (1)			Viacom (2)			Diluted EPS
Reported results		$	689		$	511		$	385		$	0.62
Adjustments:
Discrete tax
benefits(4)		-			-				(46)			(0.07)
Adjusted results		$	689		$	511		$	339		$	0.55
(in millions, except per					Nine Months Ended
share amounts)					September 30, 2008
								Net Earnings
					Pre-tax			from Continuing
					Earnings from			Operations
		Operating			Continuing			Attributable to
		Income			Operations (1)			Viacom (2)			Diluted EPS
Reported results		$	2,048		$	1,599		$	1,061		$	1.68
Adjustments:
Impairment of
investment(6)		-				12			12			0.02
Discrete tax
benefits(4)		-			-				(46)			(0.07)
Adjusted results		$	2,048		$	1,611		$	1,027		$	1.63
(1)Pre-tax earnings from continuing operations represent earnings before    provision for income taxes.
(2)The tax impactof adjustments has been calculated where appropriate    using the applicable ratesin effect for the period presented.
(3)For the quarterand nine months ended September 30, 2009, adjusted    results excludean $84 million pre-tax loss on the early extinguishment    of a portion ofthe Company's 5.75% Senior Notes due 2011.
(4)2009 and 2008 adjusted results exclude $74 million and $46 million,    respectively, of net discrete tax benefits for the quarter and nine    months ended September 30, 2009 and 2008. The majority of the discrete    tax benefits were the result of effectively settled audits.
(5)For the nine months ended September 30, 2009, adjusted results exclude    $33 million of severance expenses attributable to the Media Networks    and Filmed Entertainment segments, which occurred in the 2nd quarter of    2009.
(6)For the nine months ended September 30, 2008, adjusted results exclude    a $12 million pre-tax non-cash investment impairment charge, which    occurred in the 1st quarter of 2008.

VIACOM INC. SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION

There were no adjustments to operating income in the quarter ended September 30, 2009 or in the quarter and nine months ended September 30, 2008.

Segment Results
(in millions, except per					Nine Months Ended
share amounts)					September 30, 2009
															Total
		Media			Filmed										Operating
		Networks			Entertainment				Corporate			Eliminations			Income
Reported results		$	2,073		$		(79)		$	(181)		$	(1)		$	1,812
Adjustments:
Severance
charges(1)			16				17		-			-				33
Adjusted results		$	2,089		$		(62)		$	(181)		$	(1)		$	1,845
(1)For the nine months ended September 30,2009, adjusted operating income
excludes $33 million ofseverance expenses attributable to the Media
Networks and Filmed Entertainment segments, whichoccurred inthe 2nd
quarter of 2009.

http://www.viacom.com