Time Warner second quarter results due out Wednesday morning are expected to benefit from growth in advertising and subscription revenue at its cable networks. Revenue is expected to grow 5 percent to $7.1 billion, while earnings per share are expected to shoot 29 percent higher to 76 cents.
Warner Brothers should benefit from the blockbuster performance of 'Man of Steel,' while ratings improvement at CNN should drive the cable network's revenues higher. With the media giant's spinoff of its Time Inc publishing assets in progress, on the earnings call CEO Jeff Bewkes is likely to talk about his strategy for the company. He's also likely to be asked to weigh in on Time Warner Cable's Battle with CBS over fees for TV content, as Time Warner faces similar negotiations.
(Read more: DirecTV sides with Time Warner over CBS dispute)
Also reporting before the bell AOL is expected to grow its display ads business, which comprises about half the company's value. Revenue is expected to grow by 2 % to $540 million, while earnings are projected to be 32 cents per share. Comparisons to the year-ago quarter are tough because the company reported a benefit of $96 million related to income from licensing patents sold to Microsoft.