The second-quarter profits for most-watched U. S. television network, CBS Corp. (CBS), are much more than what was estimated by the analysts. This enabled the company to double its buyback and also provide a higher dividend.

Figures for this New York-based company indicated that profit raised to 78 cents a share from 75 cents a year earlier, this is much higher to the estimated 72-cent figure that was average of the verdict of 27 analysts'.

These figures come as a major relief considering the fact that last season CBS saw the largest audience decline of the four big broadcast networks among viewers in the 18 to 49 age group.

"We feel very good about the quarters ahead and about our long-term growth prospects as a content company going forward," said the Chief Executive Officer Les Moonves.

Although, the quarterly profits of the company did beat the Wall Street forecasts. Still, the weaker advertising and a decline in television licensing dragged on its revenue.

This media company, which airs hit shows such as "The Big Bang Theory" and "NCIS," reported that its advertising revenue dropped 7% from a year earlier. Besides this, the revenue from content licensing and distribution also declined by 9.4% because of the timing of international sales.

Moonves said the pace of ad sales was improving "significantly" in the ongoing third quarter and he has very high expectations that the fourth quarter will be even stronger than this.

There were little alterations in CBS shares in extended trading as yesterday much before the earnings release, CBS shares closed down to 1.3% at $56.90 on the New York Stock Exchange.