UPDATE 1-CBS quarterly profit rises on advertising, cable fees

Feb 14 (Reuters) - CBS Corp reported a higher profit for the fourth quarter on Thursday, boosted by political advertising at its flagship broadcast network and higher affiliate and subscription fees at cable channels.

Net earnings rose to $393 million, or 60 cents a share, from $370 million, or 55 cents a share, in the year-ago quarter. Revenue rose 2 percent to $3.61 billion.

On an adjusted basis, CBS reported earnings of $414 million, up from $377 million a year earlier. Adjusted earnings per share reached 64 cents, the company said.

Content licensing and distribution revenue fell 7 percent from a year earlier, primarily due to the timing of payments for online streaming of CBS shows, the company said.

CBS also announced plans to repurchase an additional $1 billion of its Class B common stock in 2013, a near doubling of its earlier buyback commitment.

CBS shares fell 1.7 percent to $42.20 in after-hours trading, down from their close at $42.94 on the New York Stock Exchange.