CBS Earnings Beat Estimates

• CBS Radio revenue rose 2%
• Local Broadcasting division (including TV)  grew 9% to $785 million

CBS Corp, owner of the most-watched U.S. TV network, reported slightly higher-than-expected quarterly revenue and profit, helped by its Thursday night football broadcasts.

CBS won the rights to broadcast eight Thursday night NFL games during the 2014 season, giving it one of the most highly prized programs on a night coveted by advertisers.

Shares of the company, whose other hit programs include naval intelligence drama "NCIS" and comedy "The Big Bang Theory", rose 3.5 percent in extended trading on Thursday.

CBS, which paid $275 million for the rights to the NFL games, charges close to $500,000 for a 30-second spot for the Thursday night telecast, analysts at research firm Trefis said in a note this week.

According to Reuters, CBS's total advertising revenue rose 4.1 percent to $2.14 billion in the fourth quarter ended Dec. 31.

Total revenue rose 3 percent to $3.68 billion.

Les Moonves

Net income from continuing operations fell to $402 million, from $422 million a year earlier.

But earnings per share rose to 77 cents from 69 cents as the weighted average number of common shares outstanding declined.

In the earnings release, CEO Leslie Moonves cited "increased demand for our content" as the reason for a strong quarter, and said he expected continued momentum.

As for its cable networks—Showtime Networks, CBS Sports Network, and Smithsonian Networks—CBS said revenues increased 5 percent in part because of more money from Showtime original series licensing.