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.

As Paramount continues to make the transition from a TV-first model to a business where streaming is expected to do much of the heavy lifting, the legacy medium remains its biggest driver of revenue.