The New York company, which owns Nickelodeon, MTV, Comedy Central and Paramount Pictures, earned $547 million, or $1.20 per share for the quarter ended Dec. 31. That compared with $470 million, or 92 cents per share, in the same quarter the year before.
Revenue fell 4 per cent to $3.2 billion.
Analysts polled by FactSet expected a profit of $1.16 per share on $3.3 billion in revenue.
Revenue from media networks increased 6 per cent to $2.54 billion, while filmed entertainment revenue dropped 30 per cent to $681 million.
But losses related to filmed entertainment shrunk as a result of lower movie-related expenses.