CBS posted a quarterly profit that beat analyst estimates and announced it was raising its dividend.

The media giant announced that it doubled its quarterly dividend from $0.05 to $0.10 per share. The dividend is payable on July 1, 2011 to shareholders of record as of June 10, 2011.

The firm reported first-quarter earnings of 29 cents a share. CBS earned 5 cents a share during the same period a year earlier.

Revenue for the most recent quarter reached $3.51 billion, down slightly from $3.53 billion last year.

The company was seen earning 19 cents a share on revenue of $3.46 billion, according to a consensus estimate from Thomson Reuters.