Read More Top cable execs on what's plaguing the industry Higher rates drove an 11 percent jump in affiliate and subscription fees from a year earlier. But content licensing and distribution revenues dropped 4 percent. Entertainment sales, the company's largest segment declined to $2.26 billion in the quarter. Ad sales fell to $1.78 billion from $1.87 billion in the year-earlier period. Succession plans became a focus for the company earlier Thursday, after Sumner Redstone, executive chairman of CBS and chairman and CEO of National Amusements, batted away some speculation. "Decisions about how will succeed me as chairman of CBS and Viacom will be made by the boards," not by any individual, Redstone said, according to Reuters. "Such decisions have not yet been made." Redstone added in the release Thursday that he was confident Moonves and other executives "have the strategy to keep CBS at the top of its game for many years to come." —Reuters contributed to this report.