Paramount Global reported a mixed fourth quarter with total revenue increasing 5% year-over-year to $7.98 billion, though it fell short of the $8.09 billion estimate. The company saw a $129 million operating loss for the quarter. Paramount+ added 5.6 million subscribers in Q4, bringing the total to 77.5 million, with a 16% increase in revenue year-over-year. Despite the growth in streaming, the company's traditional TV division experienced a 4% revenue decline to $4.98 billion, affected by a 7% drop in affiliate and subscription fees. The company's adjusted earnings per share (EPS) for the quarter was -$0.11, missing the estimate of $0.12. The filmed entertainment division of Paramount saw a significant 67% revenue increase to $1.08 billion, driven by successful theatrical releases including 'Gladiator II' and 'Sonic the Hedgehog 3'. The company's direct-to-consumer operations, including Paramount+ and Pluto TV, saw an 8% revenue increase to $2.01 billion, with subscription revenue up 7% and advertising revenue up 9%. Paramount reported a narrowed streaming loss of $286 million for the quarter, down from a $490 million loss in the previous year. Full year revenue was down 1%, with TV revenue down 7%, streaming advertising revenue up 13%, streaming licensing revenue up 50%, and TV advertising revenue down 7%. Paramount Global anticipates closing its merger with Skydance Media in the first half of 2025. The company expects Paramount+ to achieve domestic profitability by the end of 2025. The merger is seen as a strategic move to bolster Paramount's position in the competitive streaming market amidst ongoing challenges in traditional television.