Time Warner Inc posted a rise in fourth quarter revenue and profit thanks to a 21 percent jump in advertising sales at its cable networks division.

The company, home to HBO, CNN, Warner Bros, and People magazine, also raised its quarterly dividend by 11 percent and increased its stock repurchase buyback plan to $5 billion.

Total fourth quarter revenue rose 8 percent to $7.8 billion, besting analysts' average forecast of $7.47 billion, according to Thomson Reuters I/B/E/S.

At its cable networks division, total revenue rose 14 percent to $3.3 billion, on strong subscription fees and ad sales.

Fourth-quarter adjusted earnings of 67 cents per share beat analysts average estimate of 62 cents per share.

Net income at the media company was $769 million, or 68 cents per share, compared to $631 million, or 53 cents per share during the same period last year.

(Reporting by Jennifer Saba; Editing by Derek Caney)