Summary Box: CBS 4Q earnings top views

THE RESULTS: CBS Corp. says earnings rose 31 percent in the fourth quarter. Adjusted earnings beat analyst estimates. But revenue fell 3 percent to $3.78 billion, slightly below Wall Street’s expectations of $3.9 billion.

BEHIND THE NUMBERS: CBS benefited from licensing shows to online video companies such as Netflix as well as cost-cutting. That helped offset an advertising slowdown.

ONLINE DEALS: In the fourth quarter, The CW, the joint venture network between CBS and Time Warner Inc., entered deals to license shows to Netflix and Hulu after their initial airing on TV. Such sales help reduce reliance on advertising.