The Q2 earnings season is gradually nearing its end with more than 87% of the S&P 500 companies having already announced their results. Although the bulk of earnings releases have come from different sectors, most retailers are yet to post their financial results. Hence, investors are keeping their fingers crossed over the outcome.

Per the latest Zacks Earnings Trends report as of Aug 5, out of the 433 S&P 500 members that have come up with their quarterly numbers, approximately 70.7% have posted positive earnings surprises, while 52.7% beat top-line expectations.  

According to the report, earnings for the 433 S&P 500 companies that have reported so far are down 4.1% from the same period last year, while revenues have declined 0.9%.

Per the latest report (as of Aug 5, 2016), nearly 77.1% of the Consumer Discretionary companies have already reported their second-quarter results, out of which 88.9% beat earnings and 44.4% surpassed revenue estimates. Total earnings for these companies were up 5.8% while revenues inched up 3.1% year over year. Media stocks form a part of the Consumer Discretionary sector.

Thus far, the earnings picture of the Consumer Discretionary sector has been very impressive. Major players in the space like CBS Corporation , Time Warner Inc. , Discovery Communications, Inc. and Dish Network Corp. have surpassed the Zacks Consensus Estimate of earnings.

Among Media stocks lined up to report on Aug 9, let’s take a sneak peek at four companies.

Media giant – The Walt Disney Company (DIS Quick QuoteDIS - Free Report) – is slated to report third-quarter fiscal 2016 results after the closing bell on Aug 9, 2016. In the previous quarter, the company registered a negative earnings surprise of 2.9%. However, the company has surpassed the Zacks Consensus Estimate in three out of the trailing four quarters, with an average positive earnings surprise of 4.3%.

A sturdy movie business due to recent blockbusters and strong performance of its Parks & Resorts division continue to act as catalysts. The success of its movies also mean strong business for its Consumer Products division as demand for the merchandise associated with successful movies usually skyrockets, as seen in case of Frozen. On the other hand, the Parks & Resorts division is expected to report robust financial numbers and, thus, might drive the company’s bottom line. Disney is focused on deploying its capital toward expansion of the Parks and Resorts business, thereby increasing its market share and creating long-term growth opportunities.

However, the major concern for Disney is the performance of ESPN. For some time now, declining subscriber count and higher programming costs have been a cause of concern for investors. Disney’s primary cash cow, ESPN, has been under immense pressure as the Pay-TV landscape continues to change owing to migration of subscribers to online TV. Falling subscriptions will have a telling effect on the network’s ad revenues. Moreover, ESPN does not have any major sports contracts, which may increase cable programming and production costs.

Disney carries a Zacks Rank #3 (Hold) and has an Earnings ESP of 0.00%. The Zacks Consensus Estimate for the quarter is pegged at $1.61. (Read more: Is a Surprise in Store for Disney in Q3 Earnings?).  

Scripps Networks Interactive, Inc. is scheduled to release second-quarter 2016 financial numbers, before the opening bell on Aug 9. In the last quarter, Scripps Networks posted a positive earnings surprise of 35.6%. In fact, the company boasts an impressive history with respect to earnings, having outshined the Zacks Consensus Estimate in each of the last four quarters. The average earnings beat for the company stands at 23.8%.

Scripps Networks is expected to gain from its acquisition of TVN completed last year. TVN is a Polish multi-platform media company and will help Scripps Networks expand its presence in Europe. The company is also projected to benefit from the completion of the remaining 35% stake purchase in Travel Channel Media from Cox Communications Inc. Scripps Networks has also entered into a content licensing deal with Amazon. Meanwhile, the company’s focus on expanding viewership across the globe should boost revenues.

However, foreign currency risks associated with the company’s global operations are a concern. Moreover, the company has a high concentration of revenues coming from marketing and advertising. This revenue stream is dominated by U.S. corporate sector spending and can be adversely affected in case of market downturn.

Scripps Networks carries a Zacks Rank #3 and has an Earnings ESP of -1.35%. The Zacks Consensus Estimate for the quarter is pegged at $1.48. Earlier, the Zacks Consensus Estimate was pegged at $1.49. (Read more: Scripps Networks Q2 Earnings: What's in the Cards?).

Tribune Media Company , which is scheduled to release Q2 results on Aug 9, has an Earnings ESP of -17.07% and a Zacks Rank #4 (Sell). Meanwhile, the Zacks Consensus Estimate for second-quarter earnings is pegged at 41 cents. However, we note that this media and entertainment company has missed the Zacks Consensus Estimate by an average of 12.1% over the trailing four quarters.

Nexstar Broadcasting Group, Inc. (NXST Quick QuoteNXST - Free Report) is scheduled to report second-quarter financial numbers on Aug 9, 21016. Our proven model does not conclusively show that Nexstar Broadcasting is likely to beat earnings estimates this quarter. The company has Earnings ESP of +8.43% as the Most Accurate estimate is pegged at 90 cents whereas the Zacks Consensus Estimate is pegged lower at 83 cents. The stock has a Zacks Rank #4.

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