TAKING THE PULSE: Media companies are likely to keep riding the wave of increased advertising revenue as they report their most recent quarter of earnings, with analysts mostly expecting results to improve. Many still are pushing to increase subscription businesses. Moody's earlier this month noted that the earthquake and tsunami that rocked Japan last month would likely cut into some North American media companies' revenue, though not enough to damage their ratings. Meanwhile, companies still are looking at trying to monetize online programming.

 
   COMPANIES TO WATCH: 
 
   Viacom Inc. (VIA, VIAB) - reports Thursday

Wall Street Expectations: Analysts polled by Thomson Reuters expect the company to post earnings of 61 cents and $3 billion of revenue. A year earlier, Viacom earned 40 cents on $2.79 billion.

Key Issues: The operator of Paramount films and channels such as MTV and Comedy Central has continued to benefit from strength in its cable business, though its filmed-entertainment business has seen declines off year-earlier comparisons that were boosted by blockbuster films. The company also in February announced a $500 million note buyback, which it later boosted by 15%, as it planned to slate more cash toward reducing its debt.

 
   CBS Corp. (CBS, CBSA) - reports May 3

Wall Street Expectations: Wall Street projects 19 cents a share of earnings on $3.46 billion in revenue, compared with a year-earlier 4 cents--including a net 1 cent of charges such as restructuring costs--and $3.53 billion in revenue.

Key Issues: The broadcasting and outdoor-advertising company's results have improved as it has seen broad strength across its business segments, and ad revenue has improved. The company in mid-February pulled the plug on television's No. 1 prime-time sitcom, "Two and a Half Men," after lead actor Charlie Sheen's public outbursts--that could mean a ratings hit for CBS, which could cramp ad revenue.

 
   Time Warner Inc. (TWX) - reports May 4

Wall Street Expectations: Analysts most recently forecast earnings of 57 cents a share on $6.49 billion in revenue. A year ago, the company posted 62 cents of earnings--or 61 cents when adjusted for one-time items--and a top line of $6.32 billion.

Key Issues: Time Warner has displayed strength lately, helped by a rebound in advertising. Its results are lending credibility to the company's restructuring efforts over the past two years, as well as its focus on cash flows and shareholder returns. Earlier this month, Fitch boosted its outlook on Time Warner, saying its performance during the downturn and subsequent recovery had exceeded the ratings firm's expectations.

 
   News Corp. (NWS, NWSA) - reports May 4

Wall Street Expectations: Analysts forecast 27 cents of earnings and $8.42 billion of revenue. A year earlier, the company reported 32 cents of earnings and $8.79 billion of revenue.

Key Issues: News Corp., which owns Dow Jones, publisher of this newswire, has seen its profit increase sharply lately, helped by strong increases in advertising at its cable networks and TV stations, though its movie business has seen declines. The company was recently reported to still be in the process of trying to sell its MySpace social media and entertainment site.

 
   Walt Disney Co. (DIS) - reports May 10

Wall Street Expectations: Analysts expect earnings of 56 cents and earnings of $9.13 billion, compared with 48 cents and $8.58 billion a year earlier.

Key Issues: The company is still benefiting from an ad rebound, its media networks have flexed their muscles of late and its theme-parks division has benefited from higher attendance and spending. Disney was one of the companies Moody's singled out when talking about a potential Japan impact, noting that it generates more than $1 billion of yearly revenue in the country, although the sum likely to be affected by the disaster is a small part of total revenue.

(The Thomson Reuters estimates and year-earlier figures may not be comparable due to one-time items and other adjustments.)

 
   -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com
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