Warner Bros. Discovery reported a $148 million loss in the third quarter, missing analyst expectations as advertising revenue plummeted 16%.

The board rejected Paramount’s $58 billion bid and opened the company to other possible bidders including Amazon, Netflix and Comcast.

The studio remains bullish on its future, citing box office hits like ‘Superman’ that helped Warner reach $4 billion in revenue.

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 milli

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