Warner Bros. Discovery has been telling investors it wants to split the company in two — and just produced some evidence that such a deal is necessary.

The owner of CNN, HBO and the Warner Bros. studio said it swung to a loss in the third quarter, as a box-office boost spurred by films like the latest “Superman” were offset by declines in its traditional TV business, which suffered from comparisons to the year-earlier quarter when the company enjoyed rights to broadcast the 2024 Paris Olympics in Europe. The company has been pushing to separate its studios and streaming operations from its TV networks, and has said it will consider a sale or other transaction.

While our separation into Warner Bros. (Streaming & Studios) and Discovery Global (Global Networks) remains on track to be compl

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