In the thick of the Q1 earnings season, the widely diversified Consumer Discretionary sector has grabbed much of the spotlight.Notably, the sector has witnessed earnings growth of 9.9% (as of May 4). The growth rate with respect to the top line for 62.2% of the Consumer Discretionary companies is in the positive territory -- 3.9%. As has been the overall scenario in the current season, the beat ratios are impressive for this sector as well (82.6% for earnings and 60.9% for revenues).The healthy performance of the sector is reflected by the fact that we have already seen stellar performances from major players in the space like Time Warner Cable Inc. TWC, Cablevision Systems Corporation CVC, CBS Corporation CBS and Time Warner Inc. TWX.Let's take a look at how the following media stocks from the sector, slated to report earnings on May 9, are poised ahead of the scheduled announcements:Gray Television, Inc. GTN, a television broadcast company, is slated to release its first-quarter 2016 results before the market opens.Our proven model does not conclusively show that Gray Television is likely to beat the Zacks Consensus Estimate this quarter. This is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. Unfortunately, that is not the case here as elaborated below:The Earnings ESP for Gray Television is -16.67%. This is because the Most Accurate estimate stands at 10 cents while the Zacks Consensus Estimate is pegged higher at 12 cents. Meanwhile, the company has a Zacks Rank #2 which increases the predictive power of ESP. However, the company’s negative ESP makes surprise prediction difficult.Liberty LiLAC Group LILA is scheduled to post first-quarter 2016 results, after market close. Our model does not predict an earnings beat for the company.The Earnings ESP for Liberty LiLAC Group is 0.00% as the Most Accurate estimate and the Zacks Consensus Estimate are both pegged at 2 cents. The company carries a Zacks Rank #3, but that alone is not enough to secure an earnings beat.Liberty Media Corp. LMCA is also slated to release first-quarter 2016 results before the opening bell. The company’s policy of steadily restructuring its business in order to control several subscription-based businesses should boost the quarter’s results. However, stiff competition from pay-TV operators and the company’s susceptibility to rapid technological changes remain dampeners.Notably, our proven model does not conclusively show that Liberty Media is likely to beat the Zacks Consensus Estimate this quarter. Liberty Media has a Zacks Rank #3 which increases the predictive power of ESP. However, the company’s ESP of -6.67% makes surprise prediction difficult (read more: Liberty Media Q1 Earnings: Stock to Pull a Surprise?).Stay tuned! Check back on our full write-up on earnings releases of these stocks.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TIME WARNER INC (TWX): Free Stock Analysis Report CBS CORP (CBS): Free Stock Analysis Report GRAY TELEVSN (GTN): Free Stock Analysis Report CABLEVISION SYS (CVC): Free Stock Analysis Report TIME WARNER CAB (TWC): Free Stock Analysis Report LIBERTY MEDIA-A (LMCA): Free Stock Analysis Report LIBERTY LILAC A (LILA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research