Viacom (NYSE: VIA) has reported Q4 revenue of $4.24 billion, up 19 percent from $3.56 billion in the year-ago quarter. Net income on a continuing basis grew 14 percent to $545.3 million ($.83 per share) from $479.1 million ($.69 per share). Both the media networks and filmed entertainment sides performed well, growing 18- and 19 percent respectively. The media side got a big boost in ancillary revenue from the strength of the Guitar Hero business, while ad revenues grew 9 percent to $1.39 billion. The release doesn’t break out the digital business, although it quotes CEO Philippe Dauman touting annual 2007 digital revenue in excess of $500 million. So at a minimum, digital accounts for 6.1 percent of the business, based on annual revenue of $8.1 billion. The company’s outlook remains solid, as it’s calling for sustained low double-digit EPS growth through 2010.

Release | Webcast (Call at 4:30 PM)

Conference call: Lots of back slapping and lots of confidence over the all-cylinders performance in the quarter. The announcement already spelled out the company’s outlook, but CEO Philippe Dauman specified on the call that the company isn’t seeing an ad recession, and that even if there were one, the company believes its somewhat recession-resistant—although unlike a water-resistant watch, Dauman didn’t specify the depth. Also: lots of interest in Rock Band, as the company sees this as a big, growing franchise for years to come.