DIGITAL BEAT: CBS Corp. said first-quarter net income rose 80 percent to $363 million, or 54 cents per share, thanks to digital licensing deals for its content. That blew by the 44 cents expected by analysts. Revenue rose 12 percent to $3.92 billion, topping the $3.79 billion expected.

NETFLIX TAILWIND: CEO Les Moonves said that around $30 million in extra revenue came from a deal with Netflix to carry streams of shows from CBS's Showtime pay TV channel, like "Dexter" and "Californication."

SHARE REACTION: Shares rose 88 cents, or 2.6 percent, to $34.30 in extended trading following the earnings release.