The Shari Redstone-controlled media company released fourth-quarter earnings Wednesday. The company cut streaming losses.

Paramount Global Inc. swung to a loss in the fourth quarter despite marked growth in its streaming service, as the company said it was still on target to close its merger with Skydance in the first half of this year.

The company expects Paramount+ to reach profitability in the US by the end of 2025 and the streaming numbers were encouraging as the platform added 5.6m subscribers in the quarter for 77.5m, driven by acquisition titles, originals, and NFL and college American Football games. Revenue increased by 16%,

The Network 10 owner has written down the value of its Australian TV licences by $12.7 million and secured local regulatory clearance for its merger with Skydance Media.