Time Warner, AOL & Groupon in Focus Wednesday

Time Warner Inc.
Adam Jeffery | CNBC

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.

Other key metrics to watch at AOL are unique visitors, page views, and more data on AOL's search ads business. The company announced a "Programmatic Upfront" to take place during Advertising Week in September, so we'll see if the company provides more color on how that kind of push to "programmatic" ad buying to sell more video ads.

Wednesday afternoon Groupon reports its quarterly earnings after the bell. The deal-a-day company that's been transitioning to selling more goods—and to focus on mobile users—is expected to continue to bleed profits during that transition. Revenue is projected to grow 7 percent from a year ago to $606 million, while earnings per share are expected to fall by 77 percent.

(Read more: Time Warner Cable drops CBS in New York, Los Angeles)

Groupon will also reveal the health of its business with other numbers, including the average number of monthly unique visitors, margins, and of course guidance for the following quarter. Groupon currently has two interim co-CEOs, the company's co-founders Eric Lefkofsky and Ted Leonsis, so we'll see if there are any updates on permanently filling that role.

—By CNBC's Julia Boorstin. Follow her on Twitter: @JBoorstin