Fox, Time Warner Prepare to Make Their Cases

When 21st Century Fox and Time Warner report earnings results for the June quarter on August 6, the media companies won't just be detailing their operating performance. Each one will be making a case -- however subtle -- for why it should prevail in the great media-industry merger battle of 2014. Wall Street will be watching for clues about the state of the US advertising market after broadcast and cable-television networks alike faced lower revenue from this spring's so-called upfront—the advance selling season.