Infinity Broadcasting

(INF) - Get Report

posted fourth-quarter earnings that forged sharply ahead of analysts' expectations, helped by strong revenue in its outdoor advertising business.

The New York-based radio broadcaster and outdoor advertiser said earnings for the quarter were $177 million, or 16 cents a share, up from $118 million, or 13 cents a share, in the same period last year. Four analysts polled by earnings tracker

First Call/Thomson Financial

expected fourth-quarter earnings of 10 cents a share.

Revenues for the fourth quarter grew about 40% to $1.1 billion, up from $759 million last year.

Shares of the company closed at $31.70 on the

New York Stock Exchange Tuesday. They hit a 52-week high of $36.69. Media giant

Viacom

(VIA) - Get Report

, which already owns a large stake in Infinity, is buying the company for $12.5 billion.

Viacom separately reported earnings results that

topped analysts' expectations.