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.

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 plan to finish the spinoff of its outdoor billboard business by the end of March.

Shares rose $2.05, or 3.3 percent, to $63.90 in after-hours trading.