Shares of the company, which owns cable channel Showtime and CBS Sports Networks, radio stations and the Simon & Schuster publishing house, fell nearly 2 percent to $42.80 in extended trading.

However, revenue beat analysts’ estimates as the company’s push into premium content paid off.

Content licensing and distribution revenue rose more than 16 percent to cross $1 bln in the fourth quarter, accounting for about 28 percent of total revenue in 2015.

Advertising revenue, which is typically the strongest in the fourth quarter, rose marginally to $2.16 billion.

CBS has been making efforts to rely less on advertising revenue, which can be volatile due to its dependence on popular sporting or political events.

The company is focusing more on its online subscription streaming services such as CBS All Access and is investing in new premium content.

CBS, home to shows such as “Supergirl”, “The Late Show with Stephen Colbert” and “NCIS: New Orleans”, said total revenue rose 6.2 percent to $3.91 billion in the fourth quarter.

Net income from continuing operations fell to $251 million, or 53 cents per share, in the quarter ended Dec. 31, from $402 million, or 77 cents per share, a year earlier.

Excluding items, the company earned 92 cents per share.

Analysts’ on average had expected revenue of $3.80 billion on a profit of 92 cents, according to Thomson Reuters I/B/E/S.