Here's how CBS' ad revenue jumped 31 percent in Q1

CBS, the owner of the most-watched U.S. TV network, reported a 10 percent rise in quarterly revenue, beating Wall Street estimates, as the U.S. presidential campaign and Super Bowl broadcast boosted spending on advertising.

The New York–based company, whose earnings also beat expectations, said on Tuesday that ad revenue jumped 31.3 percent in the first quarter.

"We're finishing the year very strong as the number one watched network for 13 out of 14 years," Chief Executive Les Moonves said Wednesday on CNBC's "Squawk on the Street."

One significant factor that lifted ad revenues? The scatter market: or the market for television ads bought after a new season has begun.

Demand there has been "extremely strong," Moonves said, which helped the broadcast company post double-digit ad revenue growth.

"As we head into this day, or this period, of the upfront, we see a lot more money coming into broadcast, so it's the perfect time for us with our ratings, [and] with the marketplace being extremely strong," Moonves said. "We can't wait to get into next year's selling."

The company said its net income rose to $473 million, or $1.02 per share, during the quarter, from $394 million, or 78 cents per share, a year earlier.

Analysts on average had expected earnings of 94 cents per share, according to Thomson Reuters I/B/E/S.

Moonves acknowledged the media industry is changing rapidly. But he remains confident about CBS' future, he said, noting the company has worked to make its content available across multiple platforms.

"The reason we're so bullish about CBS and our future is that we sell our content through the normal DirectTVs, Comcast and Time Warner ... [and] we'll be part of the skinny bundles, and then after that, we have over-the-top services, where you can buy CBS services a la carte," Moonves said.

"You have to have CBS, and we'll give it to you any way you like it."

CBS, home to shows such as "NCIS," "The Late Show With Stephen Colbert" and "The Big Bang Theory," said its revenue rose to $3.85 billion from $3.5 billion a year earlier. Analysts on average had expected $3.83 billion.

In early trading, CBS shares were up 2.37 percent at $56.98. (Get the latest quote here.)

— Reuters contributed to this story.