Speaking at a news conference the News Corp chairman said: "Quite frankly, visibility in the ad market and what it should be really doesn't extend into the second half of the fiscal year. We are talking about the first half of the year."
Earlier this month the major TV networks were reporting upbeat TV airtime sales. ABC, CBS, NBC and Murdoch's Fox have all reported better than expected business with prices for TV airtime jumping by as much as 25%-40%.
The improved performance of airtime promises that 2003 will be considerably better than the gloomy first half of 2002.
According to Murdoch: "It is right across the board, automobiles, fast food, retail etc, and of course we're entering into the political season. Our stations, because they're basically aimed at younger people, don't get a lot of political advertising, but there is so much around that it just opens the market up."
The news built on the positive "upfront season" in the spring where US networks outlined their autumn programming to advertisers. The 2002 upfront season was much better than expected and the six networks combined managed to sell $8.2bn (£5.2bn), an increase of 17% on 2001.
Murdoch also pointed to improved print advertising conditions in Australia and the UK: "We're up in our advertising in Australia and Britain but not by the same amount, and of course I'm talking here really in print,"
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