Viacom Inc. (NYSE: VIA) reported a 36 percent loss in profit on Thursday on rising operating costs and restructuring.

Net income for the media giant’s fiscal first quarter fell to $202.9 million, or 29 cents per share, from the $317.2 million, or 43 cents per share in the same period last year.

Excluding restructuring charges, Viacom's quarterly profit of 34 cents beat Wall Street expectations of a profit of 31 in its fiscal first quarter, according to analysts polled by Thomson Financial.

Revenue at its cable networks, including MTV, VH1, and BET rose 10 percent for the quarter, however operating income fell on higher programming and marketing expenses.

Sales at movies studio Paramount rose 27 percent, but were similarly dragged by higher advertising costs.

Overall, revenue rose 16 percent to $2.75 billion, exceeding Wall Street estimates of $2.55 billion.

The media company has actively expanded its presence on the Internet during the quarter, announcing partnerships with Yahoo!, and online video site, Joost. It pits the company against the web's largest online video service, Google's (Nasdaq: GOOG) YouTube.

Viacom filed a $1 billion suit against the rival in March, claiming that the service was engaged in massive intentional copyright infringement, of its content.

Google has denied the claims and has asked a judge to dismiss the complaint.