Murdoch's pessimistic outlook for the world economy comes after his repeated warnings throughout the year that an advertising slowdown in local television and newspaper markets will have a severe impact on media businesses.
In an interview at the annual Allen & Co Sun Valley gathering of media and technology leaders, he said: "There are a lot more bad shocks coming. More lowering of values, companies selling assets."
Murdoch also said that he expects European markets, where his interests include BSkyB, Sky Italia and UK newspapers The Times and The Sun, to be further hurt in the next six months. This follows a year in which economic conditions have worsened on the back of the credit crunch and rising oil prices.
Shares in News Corp have sunk about 30% since the beginning of the year, but Murdoch may seek to take advantage of the economy as companies look to sell assets.
Murdoch has been one of the world's most aggressive buyers of media companies, having built his global empire on the back of two newspapers in Australia.
Some will view Murdoch's comments with a healthy dose of cynicism, wary that the comments might be the precursor to a spate of acquisitions in the media sectors.
However, Murdoch said it was "very unlikely" his company would be involved in any Yahoo! deal and also predicted Microsoft would not succeed in its lengthy pursuit of Yahoo!, following its takeover attempt earlier this year.
When asked whether he thought Microsoft would succeed, he said, "There won't be a deal. There's bad personal feelings."
Microsoft offered to buy Yahoo! earlier this year for $47.5bn, but withdrew its offer in May. Murdoch said: "In six months, [Microsoft] will walk away."
News Corp was linked with Yahoo! in a partnership that would unite its MySpace website and other digital assets with the ailing internet firm.
News Corp held talks with Yahoo! while the Microsoft discussions were on-going, but they failed to produce an outcome.
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