TAKING THE PULSE: Diversified media companies continue to be plagued by declining advertising and a consumer shift to the Internet. Now, the recession has slowing the growth of online advertising as well. The newspaper industry is in dire straits, with papers closing or going online-only. Local television stations face many of the same problems, including projected 2009 ad declines of 20% to 30%. Faring better is cable TV, which collects subscriber fees. Movie studios have seen an increase in attendance in 2009 from the past two years, although DVD sales, which are responsible for much of studios' profits, are still falling.

 
   COMPANIES TO WATCH: 
 
   Time Warner Inc. (TWX) - reports April 29

Wall Street Expectations: Analysts surveyed by Thomson Reuters anticipate earnings of 38 cents a share on revenue of $6.81 billion. A year earlier, the media conglomerate reported net income of 21 cents, unadjusted for the 1-for-3 reverse stock split which occurred last month, on revenue of $11.42 billion. The 2008 results also included the since spun-off Time Warner Cable Inc. (TWC).

Key Issues: With the spinoff complete, Time Warner's next challenge is deciding what to do with struggling Internet unit AOL. Meanwhile, its Warner Bros. Entertainment plans to sell vintage movies previously unreleased on DVD directly to consumers to generate fresh revenue as DVD sales continue to slump.

 
   Viacom Inc. (VIA, VIAB) - reports April 30

Wall Street Expectations: Analysts are predicting earnings of 26 cents a share on revenue of $2.97 billion, down from 42 cents and $3.12 billion, respectively.

Key Issues: The owner of cable-TV channels such as MTV and Comedy Central has been making deals with advertisers who market their products across television, the Web and mobile devices. But recently, it has seen lower ratings at some of its cable channels. Among problems worrying analysts are higher startup losses at its pay-TV venture and lower "Rock Band" hardware sales.

 
   Walt Disney Co. (DIS) - reports May 5

Wall Street Expectations: The company is projected to earn 41 cents a share on revenue of $8.15 billion, down from 58 cents and $8.71 billion, respectively.

Key Issues: Disney, the largest U.S. media company by market value, is less dependent on ad dollars than other media giants, but the recession has hurt its theme-parks business. Disney has responded by eliminating 1,900 jobs and offering discounts and promotions. Disney, like other movie studios, has been suffering from soft DVD sales.

 
   News Corp. (NWS, NWSA) - reports May 6

Wall Street Expectations: The owner of Dow Jones & Co., publisher of this newswire, is forecast to post earnings of 16 cents a share on revenue of $7.7 billion. News Corp. reported year-earlier net income of 91 cents amid a $1.7 billion asset-swap gain on revenue of $8.75 billion.

Key Issues: The media giant has eliminated jobs, frozen salaries and consolidated operations to cope with continuing ad declines. The company also named a raft of new executives after Rupert Murdoch's No. 2 man, Peter Chernin, said he will leave in June. That includes the new-media business, with AOL veteran Jon Miller recently taking over.

 
   CBS Corp. (CBS) - reports May 7

Wall Street Expectations: Analysts forecast earnings of 11 cents a share on revenue of $3.31 billion, down from 36 cents and $3.65 billion, respectively.

Key Issues: CBS is more heavily dependent on ad revenue than other media companies as it has local TV, radio and billboard operations. But its broadcast TV network has been doing well in the ratings, and revenue not tied to ads is expected to remain steady. The company's big dividend cut in February offers a cash cushion for debt payment.

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

-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; kathy.shwiff@dowjones.com

(Nat Worden contributed to this report.)