Warner Bros. Discovery swung to a third-quarter loss as advertising declines trimmed revenue, even though a box-office boost from films like Superman offered a temporary lift. The results highlight the ongoing challenge of a weak ad market, even amidst strong theatrical performance that provided some revenue upside. The company has repeatedly told investors it aims to split the business into two separate entities, a move many analysts see as potentially necessary to unlock value and streamline governance. Warner Bros. Discovery owns CNN, HBO, and the Warner Bros. studio, placing it at the crossroads of traditional cable networks, streaming services, and blockbuster film releases. While the box office strength helps offset advertising weakness, declines in ad revenue and pressures in streaming growth continue to weigh on quarterly earnings. Investors will be watching for updates on the planned breakup, potential savings, and how the two-entity strategy could reshape asset valuation and strategic focus across news, entertainment, and film production.