Paramount and Warner Bros. Discovery are set to report second-quarter earnings this week with their planned $110 billion merger tied up in court and both companies' shares battered since the deal was announced.

Paramount Skydance Corporation (Nasdaq: PSKY) reports on Tuesday, 4 August 2026, with its earnings call scheduled for 5:00 PM EDT. Warner Bros. Discovery follows before the market opens on Thursday. The timing puts two of America's largest media companies in front of investors at a moment when the merger that would join them remains blocked by a legal challenge from 12 state attorneys general and the Writers Guild of America, according to Deadline. A judge is expected to set a trial date soon.

The deal has travelled a rough road. The US Justice Department cleared the acquisition in June 2026, but a federal judge temporarily blocked it, and the coalition of states argues the merger would over-concentrate cable networks — meaning a combined company would control too many channels, squeezing competitors and consumers alike. Netflix had competed for Warner Bros. but walked away after Paramount Skydance's $31-per-share offer won out in late February 2026, backed by $45.7 billion in equity from the Ellison Trust. Paramount's CEO is David Ellison.

The market has not been kind to either side since. Paramount shares have fallen roughly 40% to near $8 since the deal was announced. WBD stock has slipped 7% over the same period. When both companies reported first-quarter results in May 2026, they pre-empted any merger-related questions on their earnings calls — a signal that executives had little they could say while the legal process played out.

Analysts are not expecting fireworks from the numbers themselves. Consensus estimates project Paramount's second-quarter revenue at roughly $6.9 billion, essentially flat, with earnings per share dropping to 17 cents from 46 cents a year earlier, per Deadline. WBD is projected to post $9.2 billion in revenue, down from $9.8 billion in the same quarter last year, and swing to a loss of 10 cents a share from earnings of 63 cents a year earlier.

The streaming picture offers a sharper contrast. Paramount+ added 700,000 subscribers in the first quarter of 2026 — slightly below internal forecasts despite the launch of UFC programming — reaching 79.6 million. HBO Max topped 140 million subscribers in the same period, aided largely by a rollout to key international markets. WBD has projected HBO Max will end 2026 at 150 million subscribers or higher.

Both companies are navigating a broader industry shift. WBD had previously planned to split into two companies, a path Comcast is currently pursuing for a second time. Comcast's first spin-off, Versant, took about a year to complete, and the company has given a similar timeline for spinning off NBCUniversal from its cable and broadband holdings.

For now, the earnings calls will be watched less for quarterly results than for any signal on the merger's fate — or whether executives will break the silence they maintained in May.