The company's full-year results show a 28% increase in earnings before interest, tax, depreciation and amortisation to $5.07bn (£3.54bn), with revenues up by 16% to $23.3bn.
Shares in Viacom were up when the market opened in New York this morning, recording a $1.59 increase, or 3.68%, to trade at $44.75.
While other media groups, including News Corporation, saw revenues from TV networks falling, Viacom's cable network saw Ebitda rise by 19% to $1.76m for the year. This was attributed to revenue growth in cable affiliate fees and increased efficiencies.
For the television division, which includes CBS and UPN, Ebitda was up by 1% to $1.24bn. Viacom said the growth in revenue from syndication was partially offset by lower advertising sales.
Sumner Redstone, chairman and CEO of Viacom, said: "Despite the continuing soft economic climate, we are committed to pushing ahead to aggressively generate internal growth and to pursuing accretive acquisitions in our core competencies."
The company says that even in the current economic conditions, it will achieve double-digit Ebitda growth for 2002.
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