Jimmy: So does this long-lost love have a name?

Clark: Lana Lang.

Jimmy: Uh-oh.

Clark: What is it? Is she okay?

Jimmy: Well, brace yourself. (Get ready to hear bad news?) After high
school, Lana studied art history
at the Sorbonne where she met French philanthropist
Pierre Rousseau. Like, they're married, they have two kids
and they live in the City of Lights. Sorry, buddy.
You got it!

BTW, the expression is not always used for bad news, but surprising, or shocking news, sometimes good.
Thank you, Avangi!