"CBS's content continues to engage viewers around the world and create tremendous value for its shareholders," Sumner Redstone, CBS's executive chairman, said in the company's earnings release.
The company said its growth was driven by a 4 percent increase in advertising revenues, especially for its broadcast of "Thursday Night Football." It also cited additional gains from political revenues during the midterm elections.
CBS said that it would be increasing the pace of its share repurchases in 2015's first quarter with a target of $1 billion in stock. The company repurchased $800 million during the fourth-quarter, it said.
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.
Part of that future growth will come from "the most powerful NFL schedule anyone has ever had" with both Thursday games and the next Super Bowl, he said on the company's Thursday afternoon earnings call.
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.
Moonves said on the call that digital distribution services are allowing the firm "to build new and younger audiences, all of which we are beginning to monetize."
He added that streaming services CBS All Access and CBSN "have both exceeded our expectations." Moonves said the company saw a surge of signups for All Access surrounding the Grammy Awards.