Time Warner tops estimates, Time Inc.’s takeover, Viacom to shift content & ESPN hurts Disney

Here are some of the stocks the Yahoo Finance team will be watching for you today.

Time Warner (TWX) is slightly higher in early trading. The media giant reported earnings and revenue that topped Street forecasts, while all of its major business segments saw revenue growth year over year. Time Warner, which is in the process of being bought by AT&T, said the acquisition deal is on track to close later this year.

Time Inc. (TIME) shares are up because rival magazine publisher Meredith Corp and an investor group led by Edgar Bronfman are advancing their effort to acquire the company, according to the Wall Street Journal. Shares of Time Inc. are up about 29% over the past year.

Viacom (VIAB) is in the spotlight after announcing a turnaround plan to narrow its focus on six key channels, according to reports. Viacom will start shifting content spending to its core brands including Nickelodeon, Comedy Central and MTV. The company will report earnings before the bell tomorrow.

Disney (DIS) reported earnings after Tuesday’s closing bell that beat Wall Street expectations, but revenue fell short of the mark. Disney’s results were hurt by rising costs and declining viewership at ESPN. Disney’s only business to grow in the quarter was parks and resorts. Meanwhile, CEO Bob Iger said he’s open to extending his term if it’s in the best interest of the company.