Entertainment
Warner Bros. Discovery reports a loss as sale process heats up
Warner Bros. Discovery reported a $148 million loss in the third quarter, hitting a sour note as the company began fielding interest from would-be buyers as Hollywood braces for a transforming deal.
Earnings for the entertainment company that includes HBO, CNN and the Warner Bros. film and TV studios fell short of analyst expectations. A year ago, the company reported profit of $135 million for the third quarter.
Revenue of $9.05 billion declined 6% from the year-ago period. The company swung to a loss of 6 cents a share, compared to last year’s earnings of 5 cents a share.
Still, Chief Executive David Zaslav spent much of Thursday’s call with analysts touting his company’s underlying strengths — while avoided giving details about the company’s sale.
“It’s fair to say that we have an active process underway,” Zaslav said.
Warner Bros. Discovery on Thursday reiterated it is forging ahead with previously announced plans to split into two separate entities by next spring. However, the Warner board acknowledged last month that it was also entertaining offers for the entire company — or its parts — after David Ellison’s Paramount expressed its interest with formal bids.
Paramount has made three offers, including a $58 billion in cash and stock for all of Warner Bros. Discovery. That bid would pay Warner stockholders $23.50 a share.
The Ellison family appears determined to win one of Hollywood’s most storied entertainment companies to pair with Paramount, which the Ellisons and RedBird Capital Partners acquired in August.
But Warner Bros. Discovery’s board, including Zaslav, voted unanimously to reject Paramount’s offers and instead opened the auction to other bidders, which is expected to lead to the firm changing hands for the third time in a decade.
Board members are betting the company, which has shown flickers of a turnaround, is worth more than the offers on the table. Despite its rocky third-quarter results, Warner’s stock held its ground in early morning trading at around $22.60 a share.
“Overall we are very bullish,” Zaslav said of the company’s business prospects.
“When you look at our films like ‘Superman,’ ‘Weapons’ and ‘One Battle After Another,’ the global reach of HBO Max and the diversity of our network’s offerings, we’ve managed to bring the best, most treasured traditions of Warner Bros. forward into a new era of entertainment and [a] new media landscape,” he said.
But the company’s results underscored its business challenges.
The studio witnessed a major decline in advertising revenue in the third quarter, reporting $1.41 billion, down 16% from the previous year, which executives attributed to declines in the audience for its domestic linear channels, including CNN, TNT and TLC.
Distribution revenue also took a hit, as the company reported sales of $4.7 billion, a decrease of 4% compared to last year.
Studio revenue increased 24% to $3.3 billion, powered by the success of DC Studios’ “Superman,” horror flick “Weapons” and the latest installment of “The Conjuring.” But even those box office wins couldn’t totally offset shortfalls in other areas of its content business.
Last year, the company was able to sub-license its rights to broadcast the Olympics in Europe, which pushed content revenue to $2.72 billion. But this year, revenue was down 3% to $2.65 billion.
Burbank-based Warner Bros. has had a string of success in theaters, with nine films opening at the top spot globally at the box office. The studio recently surpassed $4 billion in worldwide box office revenue, making it the first studio to do so this year. Warner Bros. last achieved that milestone in 2019.
Zaslav would like to continue with Warner’s break-up plans, which were announced last June.
The move would allow him to stay on to manage a smaller Hollywood-focused entity made up of the Warner Bros. studios, HBO, streaming service HBO Max and the company’s vast library, which includes Harry Potter movies and award-winning television shows such as “The Pitt.”
The company’s large portfolio of cable channels, including HGTV, Food Network and Cartoon Network, would become Discovery Global and operate independently.
Beyond Paramount, Philadelphia-based Comcast, Netflix and Amazon have expressed interest in considering buying parts of the company.
The company said its third quarter loss of $148 million was the result of a $1.3 billion expense, including restructuring costs.
Movie Reviews
Movie Review | Sentimental Value
Sentimental Value (Photo – Neon)
Full of clear northern light and personal crisis, Sentimental Value felt almost like a throwback film for me. It explores emotions not as an adjunct to the main, action-driven plot but as the very subject of the movie itself.
Sentimental Value
Directed by Joachim Trier – 2025
Reviewed by Garrett Rowlan
The film stars Stellan Skarsgård as Gustav Borg, a 70-year-old director who returns to Oslo to stir up interest in a film he wants to make, while health and financing in an era dominated by bean counters still allow it. He hopes to film at the family house and cast his daughter Nora, a renowned stage actress in her own right, as the lead. However, Nora struggles with intense stage fright and other personal issues. She rejects the role, disdaining the father who abandoned the family when he left her and her sister Agnes as children. In response, Gustav lures a “name” American actress, Rachel Keys (Elle Fanning), to play the part.
Sentimental Value, written by director Joachim Trier and Eskil Vogt, delves into sibling dynamics, the healing power of art, and how family trauma can be passed down through generations. Yet the film also has moments of sly humor, such as when the often oblivious Gustav gives his nine-year-old grandson a birthday DVD copy of Gaspar Noé’s dreaded Irreversible, something intense and highly inappropriate.
For me, the film harkens back to the works of Ingmar Bergman. The three sisters (with Elle Fanning playing a kind of surrogate sister) reminded me of the three siblings in Bergman’s 1972 Cries and Whispers. In another sequence, the shot composition of Gustav and his two daughters, their faces blending, recalls the iconic fusion of Liv Ullmann and Bibi Andersson’s faces in Persona.
It’s the acting that truly carries the film. Special mention goes to Renate Reinsve, who portrays the troubled yet talented Nora, and Stellan Skarsgård as Gustav, an actor unafraid to take on unlikable characters (I still remember him shooting a dog in the original Insomnia). In both cases, the subtle play of emotions—especially when those emotions are constrained—across the actors’ faces is a joy to watch. Elle Fanning and Inga Ibsdotter Lilleaas (who plays Agnes, the other sister with her own set of issues) are both excellent.
It’s hardly a Christmas movie, but more deeply, it’s a winter film, full of emotions set in a cold climate.
> Playing at Landmark Pasadena Playhouse, Laemmle Glendale, and AMC The Americana at Brand 18.
Entertainment
Appreciation: Rob Reiner’s humanity was a signature of his TV work, in front of and behind the camera
Rob Reiner was a movie director who began as an actor who wanted to direct movies. The bridge between these careers was “This Is Spinal Tap” in 1984, his first proper film, in which he also acted. His original inclination, based on the music documentaries he had studied, had been not to appear onscreen, but he decided there was practical value in greeting the audience with a face familiar from eight seasons of “All in the Family” as Archie Bunker’s left-wing son-in-law, Michael “Meathead” Stivic.
Reiner’s television career began at 21, partnered with Steve Martin, writing for “The Smothers Brothers Comedy Hour.” As an actor, his early years were characterized by the small parts and guest shots that describe the early career of many performers we come to know well. He played multiple characters on episodes of “That Girl” and “Gomer Pyle, USMC,” a delivery boy on “Batman,” and appeared on “The Andy Griffith Show” and “Room 222.” His last such role, in 1971, the same year “All in the Family” premiered, was on “The Partridge Family” as a tender-hearted, poetry-writing, tattooed biker who becomes attached to Susan Dey‘s character and somewhat improbably takes her to a school dance. It’s a performance that prefigures the tenderness and humanity that would become a signature of his work as a writer, director and performer — and, seemingly, a person.
On “All in the Family,” in his jeans and work shirt, with a drooping mustache that seemed to accentuate a note of sadness, Reiner largely played the straight man, an irritant to Carroll O’Connor’s Archie Bunker, teeing up the issue-oriented dialectic. Once in a while he’d be given a broad comic meal to chew, as when wife Gloria (Sally Struthers) goes into labor while they’re out for dinner, and he accelerates into classic expectant-father sitcom panic. But minus the “Meathead” material, “All in the Family” is as much a social drama as it is a comedy, with Mike and Gloria struggling with money, living with her parents, new parenthood, and a relationship that blows hot and cold until it finally blows out for good. He’s not a Comic Creation, like Archie or Edith with their malaprops and mispronunciations, or even Gloria, but his importance to the storytelling was certified by two supporting actor Emmys.
Rob Reiner, Sally Struthers, Caroll O’Connor and Jean Stapleton in a scene from Norman Lear’s television series “All in the Family.”
(Bettmann Archive via Getty Image)
What Reiner carried from “Family” into his later appearances was a sort of bigness. He could seem loud — and loudness is something Norman Lear’s shows reveled in — even when he’s speaking quietly. Physically he occupied a lot of space, more as time went on, and beginning perhaps with “Spinal Tap,” in which he played director Marty DiBergi, he transformed tonally into a sort of gentle Jewish Buddha. In the 2020 miniseries “Hollywood,” Ryan Murphy’s alternate history of the 1930s picture business, the studio head he plays is not the desk-banger of cliche, but he is a man with an appetite. (“Get me some brisket and some of those cheesy potatoes and a lemon meringue pie,” he tells a commissary waiter — against doctor’s orders, having just emerged from a heart attack-induced coma. “One meal’s not going to kill me.”) He’s the boss, but, in a scene as lovely as it is historically unlikely, he allows his wife (Patti LuPone), who has been running things during his absence, to also be the boss.
Reiner left “All in the Family” in 1978, after its eighth season to explore life outside Michael Stivic. (In 1976, while still starring on “Family,” he tested those waters, appearing on an episode of “The Rockford Files” as a narcissistic third-rate football player.) “Free Country,” which he co-created with frequent writing partner Phil Mishkin, about a family of Lithuanian immigrants in the early 1900s, aired five episodes that summer. The same year, ABC broadcast the Reiner-Mishkin-penned TV movie “More Than Friends” (available on Apple TV) in which Reiner co-starred with then-wife Penny Marshall. Directed by James Burrows, whose dance card would fill up with “Taxi,” “Cheers” and “3rd Rock From the Sun,” it’s in some respects a dry run for Reiner’s “When Harry Met Sally…,” tracking a not-quite-romantic but ultimately destined relationship across time.
Future Spinal Tap lead singer Michael McKean appears there as a protest singer, while the 1982 CBS TV movie “Million Dollar Infield,” written again with Mishkin, features Reiner alongside future Spinal Tap lead guitarist Christopher Guest and bassist Harry Shearer; it’s a story of baseball, families and therapy. Co-star Bruno Kirby the year before had co-written and starred in Reiner’s directorial debut, “Tommy Rispoli: A Man and His Music,” a short film that aired on the long-gone subscription service On TV as part of the “Likely Stories” anthology. Kirby’s character, a Frank Sinatra-loving limo driver (driving Reiner as himself), found its way into “This Is Spinal Tap,” though here he is the center of a Reineresque love story.
After “Spinal Tap,” as Reiner’s directing career went from strength to strength, he continued to act in other people’s pictures (“Sleepless in Seattle,” “Primary Colors,” “Bullets Over Broadway” and “The Wolf of Wall Street,” to name but a few) and some of his his own, up to this year’s “Spinal Tap II: The End Continues.” On television, he mostly played himself, which is to say versions of himself, on shows including “It’s Garry Shandling’s Show,” “Curb Your Enthusiasm” and, of all things, “Hannah Montana,” with a few notable exceptions.
Rob Reiner and Jamie Lee Curtis play the divorced parents of Jess (Zooey Deschanel) in Fox’s “New Girl.”
(Ray Mickshaw / Fox)
The most notable of these, to my mind, is “New Girl,” in which Reiner appeared in 10 episodes threaded through five of the series’ seven seasons, as Bob Day, the father of Zooey Deschanel’s Jess. Jamie Lee Curtis, married to Guest in the real world, played his ex-wife, Joan, with Kaitlin Olson as his new, much younger partner, Ashley, who had been in high school with Jess. He’s positively delightful here, whether being overprotective of Deschanel or suffering her ministrations, dancing around Curtis, or fencing with Jake Johnson’s Nick. Improvisational rhythms characterize his performance, whether he’s sticking to the script or not. Most recently, he recurred in the fourth season of “The Bear,” which has also featured Curtis, mentoring sandwich genius Ebraheim (Edwin Lee Gibson); their scenes feel very much like what taking a meeting with Reiner might be like.
Coincidentally, I have had Reiner in my ear over the past couple of weeks, listening to the audiobook version of “A Fine Line: Between Stupid and Clever,” which he narrates with contributions from McKean, Shearer and Guest. A story of friendship and creativity and ridiculousness, all around a wonderful thing that grew bigger over the years, Reiner’s happy reading throws this tragedy into sharper relief. I have a DVD on the way, though I don’t know when I’ll be up to watching it. I only know I will.
Movie Reviews
No More Time – Review | Pandemic Indie Thriller | Heaven of Horror
Where is the dog?
You can call me one-track-minded or say that I focus on the wrong things, but do not include an element that I am then expected to forget. Especially if that “element” is an animal – and a dog, even.
In No More Time, we meet a couple, and it takes quite some time before we suddenly see that they have a dog with them. It appears in a scene suddenly, because their sweet little dog has a purpose: A “meet-cute” with a girl who wants to pet their dog.
After that, the dog is rarely in the movie or mentioned. Sure, we see it in the background once or twice, but when something strange (or noisy) happens, it’s never around. This completely ruins the illusion for me. Part of the brilliance of having an animal with you during an apocalyptic event is that it can help you.
And yet, in No More Time, this is never truly utilized. It feels like a strange afterthought for that one scene with the girl to work, but as a dog lover, I am now invested in the dog. Not unlike in I Am Legend or Darryl’s dog in The Walking Dead. As such, this completely ruined the overall experience for me.
If it were just me, I could (sort of) live with it. But there’s a reason why an entire website is named after people demanding to know whether the dog dies, before they’ll decide if they’ll watch a movie.
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