Murdoch said that there are "considerable financial challenges" in local advertising for the company's newspaper and television businesses but that gains in cable networks, satellite television and online properties will more than offset them.
News Corp reported fourth-quarter net income of $1.13bn, an increase of $239m from the $890m reported in the fourth quarter a year ago.
It said this reflects gains from the sale of the company's interests in Fox Sports Bay Area and Gemstar TV Guide International.
Revenues rose 17% to $8.6bn, ahead of Wall Street expectations.
News Corp reported record full-year operating income of $5.4bn, an increase of 21% over the $4.45bn reported a year ago. It said the growth was primarily led by record contributions from the filmed entertainment, television, cable network programming and direct broadcast satellite segments.
Murdoch said: "All of our business segments generated year over year gains, with record profits reported at our satellite broadcasting, cable programming, film and television businesses.
"Although we clearly face more challenging macro-economic conditions in fiscal 09, we're well positioned to deliver continued, if somewhat less robust growth."
The filmed entertainment segment reported fourth-quarter operating income of $220m, more than double last year's income, thanks to DVD sales of popular films such as 'Alvin and the Chipmunks', 'Juno' and '27 Dresses'.
The television segment reported fourth-quarter operating income of $279m, a 28% drop on the same period a year ago, which News Corp said reflects lower contributions from the Fox television stations, Star and Fox Broadcasting Company.
For the full-year, operating income increased 17% due to improved Fox Broadcasting Company results and reduced losses from MyNetwork TV, partially offset by lower station and Star contributions.
Cable network programming reported fourth-quarter operating income of $313m, an increase of $29m over the fourth quarter a year ago, and record full-year operating income of $1.3bn, an increase of $179m over fiscal 2007.
Sky Italia reported fourth-quarter operating income of $212m, an increase of $57m or 37% compared to a year ago. This improvement reflects the addition of 366,000 new subscriber over the past 12 months.
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