Paramount Global, the parent of CBS, MTV and other networks, said fourth-quarter sales fell 6% to $7.64 billion, the result of shrinking advertising on traditional TV channels.

While revenue came in below analysts’ expectations of $7.89 billion, the company posted better-than-expected earnings of 4 cents a share excluding some items, according to a statement Wednesday. Wall Street was forecasting a break-even quarter.

More media news: How TV investment strategies are evolving

Subscribers to the Paramount+ streaming service rose to 67.5 million, increasing 4.1 million from the prior quarter and beating Wall Street estimates. The New York media giant registered a loss of $490 million in its streaming business, beating projections. Revenue grew to $1.87 billion.

Viewers are canceling cable TV subscriptions and watching more video on demand, something that’s challenging traditional media companies as they struggle to wring profits from their own streaming services.

Against that backdrop, the family that controls Paramount has been weighing offers for the company.

Advertising at Paramount’s traditional TV business fell 15%, leading to a 12% decline in sales and operating income for the unit that generates nearly all of its profit. The business earned $1.14 billion on sales of $5.17 billion in the quarter.

Paramount expects “low- to mid-teens advertising growth in Q1” thanks to the Super Bowl, Naveen Chopra, the company’s chief financial officer, said during its conference call on Wednesday.

Paramount’s namesake film studio struggled as well, with sales down 31% to $647 million and profit tumbling 72% to $24 million. The company cited lower home entertainment revenue, and the business impact of last year’s strikes by actors and writers on studio rentals.

—Bloomberg News with additional reporting by Ad Age