Three hits in three months buoyed Warner Bros. as advertising tanked at media networks in a mixed third quarter that reinforces the logic of a sale or split.

WBD reported consolidated revenue down 16% to $1.4 billion — missing Wall Street forecasts — and swung to a net loss of $148 million. The quarter saw $1.3 billion in restructuring expenses and other items. Adjusted earnings of $2.5 billion rose 2%. Shares are trading down premarket.

Theatrical revenue surged 74%, fueling a 23% jump at Studios to $3.3 billion. DC’s Superman by James Gunn released July 11 has grossed $615 million worldwide with a sequel in the works; Weapons has grossed north of $267 million since its release in August; and The Conjuring: Last Rites , out Sept. 5, passed $490 million. The company also cited

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