NEW YORK (AP) — CBS Corp. reported fourth-quarter earnings and revenue growth that beat Wall Street expectations as advertising revenue was flat but content licensing grew thanks to the sale of shows such as "Hawaii Five-O" for domestic reruns. It also announced it would quadruple the pace of its share buybacks in the current quarter as it spends cash raised from the pending spin-off of its outdoor billboard business.
Investors cheered the news, sending shares up $2.62, or 4.2 percent, to $64.47 in after-hours trading. Earlier, shares had closed up 95 cents at $61.85.
Net income in the three months through Dec. 31 rose to $470 million, or 76 cents per share, from $393 million, or 60 cents per share, a year earlier.
Excluding restructuring charges, adjusted earnings came to 78 cents per share, beating the 76 cents expected by analysts polled by FactSet.
Revenue grew 6 percent to $3.91 billion from $3.7 billion a year earlier, and topped the $3.82 billion analysts expected.
CBS said it plans to finish the spinoff of its outdoor billboard business by the end of March. The company also said it has raised $1.6 billion in new debt. Most of the funds will go toward buying back shares worth about $2 billion in the quarter through March, up from a planned buyback pace of about $500 million.