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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.

Long winter hikes, cottages with roaring fires, lazy lunches in a cosy pub … the days might be shorter but that doesn’t need to dampen the holiday fun. We’d love to hear about your favourite places in the UK for a winter rural break. Perhaps it was a cabin stay in the Lakes, a west country hotel with walks on the doorstep, an off-season seaside weekend or a hiking holiday in Wales that’s great at this time of year.

The best tip of the week, chosen by Tom Hall of Lonely Planet wins a £200 voucher to stay at a Coolstays property – the company has more than 3,000 worldwide. The best tips will appear in the Guardian Travel section and website.

Keep your tip to about 100 words

If you have a relevant photo, do send it in – but it’s your words we will be judging for the competition.

We’re sorry, but for legal reasons you must be a UK resident to enter this competition.

The competition closes on Wednesday 12 November at 10am GMT

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Beyond tourism hotspots such as Venice, Amalfi and Rome, Italy has no end of enticements – whether its historical sites, delicious food or impressive landscapes that you’re looking for. We want to hear about your discoveries in less well known parts of the country – perhaps it was a small mountain resort, an overlooked coastal town or a wild hiking trail.

The best tip of the week, chosen by Tom Hall of Lonely Planet wins a £200 voucher to stay at a Coolstays property – the company has more than 3,000 worldwide. The best tips will appear in the Guardian Travel section and website.

Keep your tip to about 100 words

If you have a relevant photo, do send it in – but it’s your words we will be judging for the competition.

We’re sorry, but for legal reasons you must be a UK resident to enter this competition.

The competition closes on Monday 10 November at 10am GMT

Have a look at our past winners and other tips

Read the terms and conditions here

If you’re having trouble using the form click here. Read terms of service here and privacy policy here.

GYEONGJU, South Korea — The United States will share closely held technology to allow South Korea to build a nuclear-powered submarine, President Trump said on social media Thursday after meeting with the country’s president.

President Lee Jae Myung stressed to Trump in their Wednesday meeting that the goal was to modernize the alliance with the U.S., noting plans to increase military spending to reduce the financial burden on America. The South Korean leader said there might have been a misunderstanding when they last spoke in August about nuclear-powered submarines, saying that his government was looking for nuclear fuel rather than weapons.

Lee said that if South Korea was equipped with nuclear-powered submarines, that it could help U.S. activities in the region.

U.S. nuclear submarine technology is widely regarded as some of the most sensitive and highly guarded technology the military possesses. The U.S. has been incredibly protective of that knowledge, and even a recently announced deal with close allies the United Kingdom and Australia to help the latter acquire nuclear submarine technology doesn’t feature the U.S. directly transferring its knowledge.

Trump’s post on social media comes ahead of his meeting with Chinese President Xi Jinping, whose country possesses nuclear submarines, and after North Korea in March unveiled for the first time a nuclear-powered submarine under construction. It’s a weapons system that can pose a major security threat to South Korea and the U.S.

As Trump visited South Korea, North Korea said Wednesday it conducted successful cruise missile tests, the latest display of its growing military capabilities.

Pentagon officials didn’t immediately respond to questions about Trump’s announcement on sharing the nuclear sub technology with South Korea.

Megerian and Boak write for the Associated Press. Boak reported from Tokyo. AP writer Konstantin Toropin contributed to this report from Washington.

A Gogglebox couple who have been married for several years have been keeping fans entertained with their hilarious takes on the telly highlights

Gogglebox viewers were left stunned after a married duo posted a nostalgic photograph.

Much-loved South London pair Sue and Steve became part of the enduring Channel 4 programme back in 2019 – and the pair quickly established themselves as audience favourites.

Throughout the years, Steve, a former black cab driver, and Sue, who is semi-retired, have left audiences in fits of laughter with their witty remarks and amusing reactions to television highlights.

Beyond the long-running show, the couple – who have been wed for more than 40 years – are devoted parents to two daughters and proud grandparents to grandson Roman.

Sue and Steve regularly keep their 5,000 Instagram followers informed about their everyday lives. This week, the duo thrilled fans by posting a throwback photograph, reports the Manchester Evening News.

The image, captured during the 1980s, showed Sue and Steve posing for the camera, appearing considerably younger. They wrote alongside the post: “The way we were #somanyyearsago #younglove #the80s #greattimes #dinnerdances #carefree.”

Fans immediately flooded the comments section to praise the “gorgeous” couple. One admirer commented: “You both look amazing then and now. Love you both on Gogglebox.”

Another added on the platform: “Great pic. Steve’s punching here.” A third person remarked: “What a gorgeous picture of you both. Lovely couple.” Sharing similar sentiments, Gogglebox co-star Ellie Warner wrote: “Youngs love dream.”

In a health-related revelation, Sue took a brief hiatus from Gogglebox in 2024, later bravely sharing her battle with Bell’s Palsy, which resulted in temporary facial paralysis.

She candidly discussed the hurdles she faced post-diagnosis, admitting that she had to “relearn” certain fundamental actions. In her words: “One is to speak through the side of my mouth, and the other one is chewing. Chewing takes a long time.”

Steve couldn’t resist a cheeky comment: “I have offered to chew your food for you, but you declined. I’ve gotta say, you haven’t lost the sharp side of your tongue though, have you?”.

Bell’s Palsy is a neurological disorder that causes temporary weakness or lack of movement on one side of the face. The condition can, on rare occasions, spread to both sides of the face, while more typical symptoms include a drooping eyelid or corner of your mouth, dry mouth or drooling, loss of taste and a dry or watering eye.

Gogglebox airs every Friday at 9pm on Channel 4.

Dodgers fans Aiden Mashaka and his dad, Akida Mashaka.

(Juliana Yamada / Los Angeles Times)

How long have you been a Dodgers fan?

Akida: What are you talking about? Kirk Gibson! I’m Tommy Lasorda, baby!

How much did you pay for your ticket?

Akida: $900. We bought our tickets from a third party. I’ve been asking my brother-in-law how much I owe him, but he’s such an amazing human being. He’s like “Don’t worry. I got this!”

Was it worth it?

Akida: Of course it’s worth it. We’re seeing the Dodgers World Series. The flight costs more than $900. If you have it, it’s worth it. If you don’t have it, it’s not worth it — you can watch it on TV. If I was still in school, I would be watching on TV. But I am a 53-year-old man, after many years of life, so I can spend $900 to watch the Dodgers.

Aiden: This is maybe my second or third game that I’ve been to for the Dodgers. Being at the World Series, like the grand finale, I feel like it’s a great time to be here. I’m really proud of my dad, my auntie and my uncle for bringing me here. I want to thank them.

Akida: Can we get a crying emoji?

Nothing beats the magic of the mountains in winter but not all of us want to hurtle down a black run on a pair of skis or spend our nights partying in apres-ski bars. We’d love to hear about your favourite mountain resorts and villages in Europe that offer a more authentic and low-key experience than the big, purpose-built ski resorts.

The best tip of the week, chosen by Tom Hall of Lonely Planet wins a £200 voucher to stay at a Coolstays property – the company has more than 3,000 worldwide. The best tips will appear in the Guardian Travel section and website.

Keep your tip to about 100 words

If you have a relevant photo, do send it in – but it’s your words we will be judging for the competition.

We’re sorry, but for legal reasons you must be a UK resident to enter this competition.

The competition closes on Monday 20 October at 10am BST

Have a look at our past winners and other tips

Read the terms and conditions here

Share your travel tip using the form below.

Please share your story if you are 18 or over, anonymously if you wish. For more information please see our terms of service and privacy policy.

If you’re having trouble using the form click here. Read terms of service here and privacy policy here.

Paramount, backed by billionaire Larry Ellison and his family, has officially opened the bidding for rival Warner Bros. Discovery — a potential massive merger that would dramatically change Hollywood.

Warner Bros. Discovery’s board rejected Paramount’s initial bid of about $20 a share, but talks are continuing, according to two people close to the companies who were not authorized to speak publicly.

One of the knowledgeable sources said Paramount was preparing a second bid.

Warner Bros. Discovery owns HBO, CNN, TBS, Food Network, HGTV and the prolific Warner Bros. movie and television studio in Burbank.

Ellison, one of the world’s richest men, is committed to helping his 42-year-old son, David, pull off the industry-reshaping acquisition and has agreed to help finance the bid, two people close to the situation said.

The younger Ellison, who entered the movie business 15 years ago by launching his Skydance Media production company, was catapulted into the major leagues this summer with the Ellison family’s purchase of Paramount’s controlling stake.

Since then, David Ellison and his team have made bold moves to help Paramount shake more than a decade of doldrums. Buying Warner Bros. Discovery would be their most audacious move yet. The merger would lead to the elimination of one of the original Hollywood film studios, and could see the consolidation of CNN with Paramount-owned CBS News.

Representatives for Paramount and Warner Bros. Discovery declined to comment.

CNBC reported Friday that two companies have been in discussions for weeks following last month’s news that Paramount was planning a bid. Bloomberg reported Saturday that Warner Bros. Discovery had rejected Paramount’s bid of about $20 a share.

Industry veterans were stunned by the speed of Paramount’s play for Warner Bros. Discovery, noting that top executives had begun working on the bid even as they were putting finishing touches on the Paramount takeover.

One of Paramount’s top executives is a former Goldman Sachs banker, Andy Gordon, who was a ranking member of RedBird Capital Partners, the private equity firm that has teamed up with the Ellisons and has a significant stake in Paramount.

Paramount’s interest prompted stocks of both companies to soar, driving up the market value for Warner Bros. Discovery.

Paramount’s offer of $20 a share for Warner Bros. Discovery was less than what some analysts and sources believe the company’s parts are worth, leading the Warner Bros. Discovery board to rebuff the offer, sources said.

But many believe that Paramount needs more content to better compete in a landscape that’s dominated by tech giants such as Netflix and Amazon.

Paramount has reason to move quickly.

Warner Bros. Discovery had previously announced that it was planning to divide its assets into two companies by next April. One company, Warner Bros., would be made up of HBO, the HBO Max streaming service and the Burbank-based movie and television studios. Current Chief Executive David Zaslav would run that enterprise.

The other arm would be called Discovery Global and consist of the linear cable television channels, which have seen their fortunes fall with consumers’ shift to streaming.

The Paramount bid was seen as an attempt to slip in under the wire because other large companies, including Amazon, Apple and Netflix, may have been interested in buying the studios, streaming service and leafy studio lot in Burbank.

However, Netflix’s co-chief executive Greg Peters appeared to downplay Netflix’s interest during an appearance last week at the Bloomberg Screentime media conference. “We come from a deep heritage of being builders rather than buyers,” Peters said.

Some analysts believe Paramount’s proposed takeover of Warner Bros. Discovery could ultimately prevail because Zaslav and his team have made huge cuts during the past three years to get the various businesses profitable after buying the company from AT&T, which left the company burdened with a heavy debt load. The company has paid down billions of dollars of debt, but still carries nearly $35 billion of debt on its books.

Others point to Warner Bros.’ recent successes at the box office as evidence that Paramount is offering too little.

Despite the tumult at the corporate level, Warner Bros.’ film studio has had a successful year. Its fortunes turned around in April with the release of “A Minecraft Movie,” which grossed nearly $958 million worldwide, followed by a string of hits including Ryan Coogler’s “Sinners,” James Gunn’s “Superman” and horror flick “Weapons.”

Meanwhile, Paramount has been on a buying spree.

Just in the last two months, Paramount made a $7.7 billion deal for UFC media rights and closed two deals that will pay the creators of “South Park” more than $1.25 billion over five years to secure streaming rights to the popular cartoon.

Last week at Bloomberg’s Screentime media conference, Ellison declined to comment on Paramount’s pursuit of Warner Bros. or even whether his company had already made a bid. But he did touch briefly on consolidation in Hollywood, saying, “Ironically, it was David Zaslav last year who said that consolidation in the media business is important.”

“There are a lot of options out there,” he added, but declined to elaborate.

After news of Paramount’s interest surfaced, Warner Bros. Discovery‘s stock jumped more than 30%. It climbed as much as $20 a share, but closed Friday at $17.10, down 3.2%.

Paramount also has seen its stock surge by about 12%. Shares finished Friday at $17, down 5.4%

Warner Bros. Discovery is now valued at $42 billion. Paramount is considerably smaller, worth about $18.5 billion.