CBS Q4 Profit Rises; To Use Total Of $2 Bln Of Share Buyback Program During Q1

(RTTNews) - CBS Corp. (CBS-A, CBS) reported fourth-quarter net earnings from continuing operations of $465 million or $0.76 per share, up from $403 million, or $0.62 per share, last year. Adjusted net earnings from continuing operations were $477 million or $0.78 per share, for the fourth quarter of 2013.

The company said the increase in profit reflects the operating income growth and lower weighted average shares outstanding, which are a result of the company's ongoing share repurchase program.

Revenues of $3.91 billion grew 6% from $3.70 billion, prior year. The company said this growth was led by a 28% increase in content licensing and distribution revenues, which was driven by higher domestic and international licensing of television programming. Affiliate and subscription fee revenues grew 7%, principally reflecting higher cable affiliate fees, retransmission revenues, and fees from CBS Television Network-affiliated television stations.

CBS Corporation also announced plans to initiate an accelerated share repurchase (ASR) of $1.5 billion of its Class B common stock during the first quarter of 2014. In addition, the company plans to step up the pace of its open market share repurchases. As a result, the company plans to use a total of $2 billion of its share buyback program during the first quarter.