The hero of Warner Bros. Discoverys third-quarter earnings was Superman, which helped drive the companys studio business to double digit growth, but linear TV continues to to be a drag on the companys bottom line, with TV advertising hit particularly hard.

Not even Superman can save the linear TV business, it seems.

Streaming continues to grow, with global streaming subscribers growing by 2.8 million to 128 million.

Warner Bros. Discovery reported total revenue of $9 billion, down 6 percent from last year and a net loss of $148 million, owing to the struggles in linear TV, and a flat performance in streaming.

The timing of the companys Q3 earnings report comes as WBD is in the midst of a strategic review that could include proceeding with the planned separation, a potential transaction for the entire company, or separate transactions for the Warner Bros. and/or Discovery Global businesses. As part of the review, we will also consider an alternative separation structure that would enable a merger transaction involving Warner Bros., while Discovery Global would be spun off to our shareholders.

The company said Thursday that it did not have any update yet on its plans, and would not provide an update until it had a deal or was otherwise deemed necessary. The company also said it would not answer any questions on the topic on its earning call.

More to come.