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.

It’s the sweltering thick of summer, and while that often means a slowdown in TV releases, this week’s lineup of new shows on streaming is actually pretty packed.

Arguably the biggest title of the week is the much-anticipated return of Apple TV’s “Ted Lasso,” which sees Jason Sudeikis’ title character head back to England to coach a new team of Richmond underdogs. The previous series finale at the end of Season 3 sent him back home to the States to be with his son, so we’ll have to tune in to see what prompts him to get on a plane and get back in the game.

Elsewhere, this week also brings the finale for a family-friendly Disney+ revival, Ryan Murphy’s latest freaked-out thriller series and a charming new YA series from “My Old Ass” filmmaker Megan Park.

Check out five of the must-watch new shows to stream this week below, and head over to our guide to everything new on streaming in August for more tune-in options.

Wizards Beyond Waverly Place

It’s time for one last go-around with the Russo family, as “Wizards Beyond Waverly Place” releases its final episodes this week. After discovering at the end of last season that Alex (Selena Gomez) is actually her mom, Billie (Janice LeAnn Brown) learns that the only way to rescue her is to reunite with her long-lost father. That will probably go perfectly fine, right? The 4-episode event will mark the end of “Wizards Beyond Waverly Place,” but don’t worry, some familiar faces are returning before things wrap up. Jennifer Stone is set to appear as Alex’s best friend Harper Finkle, and Gregg Sulkin will reprise his role of Mason from the original series. Plus, Gomez will make her directorial debut this season. All in all, lots of nostalgia to look forward to.

Ted Lasso

Ready to believe again? Three years after the series dropped its finale, “Ted Lasso” is back in Richmond with a new team to coach. Jason Sudeikis returns as the title character, who heads back across the pond, meaning there are plenty of familiar faces returning along with him – Hannah Waddingham, Juno Temple, Brett Goldstein, Brendan Hunt and Jeremy Smith are all back. But this time, he’s coaching Richmond AFC’s Lady Greyhounds, and the women’s team brings a roster of new characters into the mix. If you’ve needed a dose of optimism, Season 4 premieres on Wednesday on Apple TV, with new episodes rolling out weekly.

The Shards

Ryan Murphy brings his signature blend of sex, murder and Hollywood to his latest series, “The Shards,” which premieres Wednesday with two episodes on FX and Hulu. Adapted from “American Psycho” and “Less Than Zero” author Bret Easton Ellis’ 2023 semi-autobiographical horror novel, “The Shards” stars Igby Rigney as a 17-year-old Ellis and transports viewers into the lavish lives of 1980s LA’s prep school elite, while a serial killer dubbed “The Trawler” targets teens across the city.

Sterling Point

Prime Video keeps delivering on the YA this summer, but “Sterling Point” tones down the melodrama and amps up the lakeside nostalgia found in showrunner Megan Park’s “My Old Ass” to craft a new type of coming-of-age drama altogether. Ella Rubin (“The Idea of You,” “Until Dawn”) leads “Sterling Point” as New York City-bred Annie Jacobson, whose life turns upside down when she inherits an island in Canada from her mysterious grandfather. What follows is a summer full of self-discovery, friendship, romance and family with plenty of growing pains along the way. Featuring performances from impressive newcomers like Amélie Hoeferle, Bo Bragason and Keen Ruffalo as well as pros Jeffrey Dean Morgan and Jay Duplass, “Sterling Point” is the perfect watch to grasp onto the summer before it disappears. All eight episodes drop Wednesday.

One Hundred Years of Solitude Part Two

It’s been a long wait for the second half of Netflix’s acclaimed “One Hundred Years of Solitude” – and that wait isn’t quite over. In an unusual bit of streaming scheduling, Netflix will drop the first seven episodes of Part 2 this Wednesday, and the feature-length finale will debut in a few weeks, on Aug. 26. The ambitious series adapts Gabriel García Márquez’s 1967 magical realism masterpiece of the same name, following the saga of Macondo and the Buendía family across seven generations. It’s one of those adaptations that seems an impossible task, but the first half, which debuted all the way back in 2024, beat the odds. Let’s see if they can do it again.