An exchange traded fund (ETF) that invests in media stocks could see action Wednesday following earnings from several of its top holdings, including CBS (NYSE: CBS), Time Warner (NYSE: TWC), Comcast (NasdaqGS: CMCSA) and News Corp. (NasdaqGS: NWS).

CBS after Tuesday’s closing bell announced quarterly results that beat Wall Street expectations and raised its dividend.

The stock is one of the largest holdings in PowerShares Dynamic Media Portfolio (NYSEArca: PBS) at more than 5% of assets. Time Warner, Comcast and News Corp. are also key components.

The media ETF is up about 12% so far this year to outperform the S&P 500.

PowerShares Dynamic Media Portfolio

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