Exchange traded funds (ETFs) that track the media sector should get a partial lift Wednesday from CBS (NYSE: CBS), which saw its shares rise nearly 5% in after-hours trade Tuesday following quarterly earnings.

CBS beat Wall Street expectations and raised its dividend.

The stock is the second-largest holding in PowerShares Dynamic Media Portfolio (NYSEArca: PBS) at more than 5% of assets.

The ETF is up about 12% so far this year to outperform the S&P 500.

PowerShares Dynamic Media Portfolio

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