In an alternate timeline, Paramount would be reporting quarterly earnings this week as Warner Bros. Discovery, one of its subsidiaries, would no longer be releasing its own separate financials.

As it stands now, however, both companies are due to report – Paramount on Tuesday afternoon and WBD before the market opens Thursday. An antitrust challenge of the companies’ planned $110 billion merger by the attorneys general of 12 states along with the Writers Guild of America has put the deal on hold, with a judge soon to set a trial date.

On their second-quarter earnings conference calls with Wall Street analysts, both companies are likely to pre-empt any merger-related questions, as they did in May when reporting first-quarter results. They also may choose to reiterate their prior statements about the transaction being pro-competitive, or possibly even nod to the unfolding legal process.

Even if Wall Street manages to put the merger to one side, the spotlight on the two separate businesses may not be especially flattering for either of them this quarter. The companies’ stock prices reflect the deal’s slowdown in momentum. After a huge runup during the months when it was pursued by Paramount, Comcast and Netflix, WBD stock has slipped 7% from the time of the Paramount deal in late-February. Paramount shares, meanwhile, have plunged 40% (to near $8) in that period as the once-breezy regulatory process has become a grind.

Analysts expect Paramount’s revenue to come in flat at around $6.9 billion, according to consensus estimates, with earnings per share dropping to 17 cents from 46 cents a year ago. WBD is projected to post revenue of $9.2 billion, down from $9.8 billion in the NBA-free April-to-June quarter, with a loss of 10 cents a share reversing year-earlier earnings of 63 cents a share.

On the bright side for both companies, Paramount+ and HBO Max are both showing growth, but the question for both will be about their remaining upside. Paramount+ added 700,000 new subscribers, slightly below internal forecasts despite the launch of UFC programming, to reach 79.6 million. HBO Max, aided in large part by a rollout to key international markets, topped 140 million subscribers in the first quarter and will end 2026 at 150 million or higher, the company projects.

More of a concern for both companies is ongoing declines in their linear TV operations, though the combined company would rely on it to pay down debt after the merger. (Alleged over-concentration of cable networks, interestingly, has surfaced as one of the core arguments made in the AGs’ lawsuit.)

Hollywood appears to be divided between those adamant that the merger will destroy a legacy studio and harm workers and others (including inside the companies) fearing a potentially worse fate if the deal is blocked. WBD initially had recourse in its prior plan to split into two companies as Comcast is in the midst of doing for a second time. In theory, that split could unlock greater value through more focused M&A deals centered on networks and Warner Bros/HBO, but it also is a process that takes time. For Comcast, its Versant split took about a year to complete, which is the timeline it has given for the NBCUniversal spin-off from the company’s cable and broadband holdings.

Whatever storm clouds may be gathering overhead, expect mostly blue skies in the remarks of executives. Paramount CEO David Ellison, speaking on the company’s first-quarter call last May, sounded optimistic notes that the company has often reiterated throughout the saga.

“We remain guided by our strong conviction that the combination of these two iconic companies and their extraordinary teams will create a leading global media and entertainment company powered by storytelling and accelerated by technology that strengthens competition, better serves the creative community and delivers even more compelling stories to audiences worldwide,” he said.

In an uncanny bit of timing, this week (Friday, to be exact) is also the one-year anniversary of Paramount’s merger with Skydance. Just weeks after that long-sought deal was consummated and executives held court at bicoastal press conferences to talk about synergies and future plans, reports emerged that Ellison had his eyes on a much bigger prize.

The conclusion to Wizards Beyond Waverly Place — spinoff of Disney’s Wizards of Waverly Place television show originally starring Selena Gomez, David Henrie, Jake T. Austin and more — is upon us.

After a 21-episode first season, the sequel show’s finale will unfold in four parts, with some familiar faces from the original series appearing in the wrap-up. Star and executive producer Selena Gomez will make her directorial debut with the first episode.

Find the specifics of the Wizards Beyond Waverly Place release schedule below:

When does Wizards Beyond Waverly Place Season 2 come out?

The show’s second installment technically premieres August 4, but that depends on where viewers plan to watch it. Read on for more details.

How many episodes are in Season 2 of Wizards Beyond Waverly Place?

The final season of the show has four episodes, or parts.

Are new episodes arriving weekly or all at once? Is Wizards Beyond Waverly Place streaming? Where to watch Wizards Beyond Waverly Place Season 2:

This is where things get a bit tricky. All four episodes of Season 2 of Wizards Beyond Waverly Place will premiere on Disney Channel August 4 at 8 p.m. ET/PT.

RELATED: ‘Wizards Beyond Waverly Place’ Will End With 4-Parter This Summer; Selena Gomez To Make Directorial Debut With Premiere Episode

Those wanting to watch via Disney+ will have to wait until August 5, when all four episodes will land there for streaming.

Who is in Season 2 of Wizards Beyond Waverly Place?

David Henrie returns to reprise his role of oldest brother Justin Russo. Janice LeAnn Brown also returns as Billie. Alkaio Thiele portrays Roman Russo, and Max Matenko plays Milo Russo. Taylor Cora plays Winter, and Mimi Gianopulos plays Giada Russo.

Selena Gomez will also reprise her original role as Alex Russo, Billie’s mother as viewers learned in Season 1, in multiple episodes.

Brandon Micheal Hall will guest star as Damien Penwulf, Billie’s father. Jennifer Stone will guest star to reprise her original role of Harper Finkle, as will Gregg Sulkin with werewolf Mason Greyback and Maria Canals-Barrera as Theresa Russo, mother to Alex and Justin.

Ramon Reed will play Silas Evilini, and Tobias Jelinek will play Lord Morsus.

What is Season 2 of Wizards Beyond Waverly Place about?

Season 2 of the spinoff watches Billie grapple with the fact that she’s not the only wizard in the house anymore. Justin is now tasked with training three young wizards for the Family Wizard Competition thanks to Roman and Milo’s new magical powers. As the stakes rise inside and outside the family, a mysterious new threat emerges, threatening to unravel the Russos forever.

Who else is behind Wizards Beyond Waverly Place Season 2?

Jed Elinoff and Scott Thomas serve as writers and executive producers, along with executive producers Gary Marsh, Jonas Agin, Rick Williams, Gomez and Henrie. Wizards of Waverly Place was created by Todd Greenwald.