Global entertainment and media company Warner Bros. Discovery (NASDAQ:WBD) will be reporting results tomorrow before the bell. Here's what you need to know.

Last quarter Warner Bros. Discovery reported revenues of $9.98 billion, up 1.6% year on year, in line with analyst expectations. It was a decent quarter for the company, with an impressive beat of analysts' earnings estimates.

Is Warner Bros. Discovery buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Warner Bros. Discovery's revenue to decline 5.4% year on year to $10.42 billion. Adjusted loss is expected to come in at -$0.01 per share.

The analysts covering the company have been growing increasingly bearish about the business heading into the earnings, with revenue estimates seeing six downward revisions over the last thirty days. The company missed Wall St's revenue estimates five times over the last two years.

Looking at Warner Bros. Discovery's peers in the media segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. Disney delivered top-line growth of 0.2% year on year, missing analyst estimates by 0.9% and News Corp reported revenues up 2.6% year on year, exceeding estimates by 0.9%. Disney traded up 7.7% on the results, News Corp was flat on the results.

Read our full analysis of Disney's results here and News Corp's results here.

Investors in the media segment have had steady hands going into the earnings, with the stocks down on average 1.2% over the last month. Warner Bros. Discovery is down 7.5% during the same time, and is heading into the earnings with analyst price target of $15.3, compared to share price of $9.63.

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