Speaking at a conference in Aspen yesterday, Chernin said that "business is really, really good right now", led by advertising at its local Fox TV stations, particularly in the automotive sector.
Chernin, who is also president and chief operating officer of News Corp, said: "The best economic indicator we have is our local TV stations, and advertising sales for September, October and even November are very strong."
In June US television networks reported advertising rates rebounding by as much as 10% for the autumn, following the upfront season where networks outline their new schedules to advertisers.
NBC and CBS, the two leading networks, recorded the biggest increases in the cost of airtime, while Fox and ABC had smaller increases in the region of 4%.
Fox Entertainment, News Corporation's film and broadcasting business, has previously reported a decline for 16 consecutive months dating back to October 2000, but Chernin said signs of improvement Chernin began to appear in March.
Fox's broadcasting arm controls more than 32 stations in the US serving 41% of the market. It also produces well-established television series such as 'Buffy the Vampire Slayer' and 'King of the Hill'.
Fox is also behind the US version of Pop Idol. It signed an estimated $50m (£34.9m) deal with Pop Idol's creator Simon Fuller to bring the show to the US.
Last week Fox Entertainment reported rising fourth quarter revenues, which had been boosted by a strong performance at the box office helped by movies such as 'Minority Report', 'Ice Age' and 'Star Wars Episode II: Attack of the Clones'. The unit recorded an operating profit of $473m -- up from $208m last year.
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