Lights! Camera! Action! For Time Warner, 21st Century Fox On Wall Street

(RTTNews) - With digital content breathing down their neck, traditional media titans Time Warner Inc. (TWX) and 21st Century Fox (FOX, FOXA) are set to unveil their quarterly earnings score card before the markets open on Wednesday. Following close on heels will be Disney (DIS), which is scheduled to report on Thursday.

On average, 32 analysts polled by Thomson Reuters expect Time Warner to earn $1.09 per share for the third quarter, down from the prior-year figure of $1.22. Analysts' estimates typically exclude special items.

Analysts expect revenues of $6.51 billion, higher than the $6.24 billion generated in the same quarter of the previous year.

The media and entertainment company owns a portfolio of cable television networks, including CNN, HBO and Cartoon Network.

In the second quarter, the company earned $971 million or $1.16 per share on revenues of $7.35 billion.

For 2015, Time Warner has guided adjusted income from continuing operations in a range of $4.60 to $4.70 per share. The Street is currently looking for full-year earnings of $4.65 per share.

TWX closed up about 1 percent on Tuesday at $77.30. For the past year, the company traded in the range of $65.25-$91.34.

Meanwhile, 21st Century Fox, a spin-off from Rupert Murdoch-owned New Corp. (NWS) is reporting its first-quarter results today. Analysts look for earnings per share of $0.38 on revenues of $6.35 billion. This is lower than the $0.39 per share earned last year on sales of $6.44 billion.

The company primarily focuses on the film and television industry.

Its holdings include the Fox Entertainment Group—owners of the 20th Century Fox film studio and Fox television network, pan-Asian pay channel operator STAR TV, and a stakeholder in the European pay TV company Sky plc.

In the fourth quarter, the company reported net earnings of $87 million or $0.04 per share on revenues of $6.21 billion.

Last month, 21st Century Fox and The National Geographic Society reached an agreement to expand their successful 18-year partnership in a transaction valued at $725 million. As a result, the Society's endowment will increase to nearly $1 billion.

The new entity will be owned 73 percent by 21st Century Fox and 27 percent by The National Geographic Society.

FOX, which has been trading in the range of $22.85-$37.83 for the past 52 weeks closed up 1.3 percent on the Nasdaq on Tuesday at $31.50.