Speaking to Australian magazine Bulletin, Murdoch said that the company's performance is set to be boosted by a return to profit by its Fox Network.
The TV network had been forecast by analysts to lose $110m (£68m) for the quarter, but reality TV shows such as 'American Idol' and 'Joe Millionaire' have helped push up revenues, and it looks set to post a "solid, but not huge profit".
He said the outlook in the short term looked positive. "We went through all of our operations yesterday at our management meeting here and the advertising outlook for the next several months is extremely good."
Murdoch added that the company is not currently in negotiations with Hughes about buying DirecTV, despite reports yesterday that US telecoms giant SBC has joined the bidding war.
Murdoch is understood to have returned to the negotiating table with Hughes after its deal with rival satellite operator EchoStar failed to get over regulatory hurdles. Murdoch said he would like to buy it, but only if the price is right.
"We would like it, or a part of it, but the answer is not at any price. If anybody makes impossible demands we're quite happy to walk away from it," he said.
Murdoch is also reported to have held talks with EchoStar chairman Charles Ergen about buying the smaller satellite TV firm, however Murdoch told the Bulletin that DirecTV was his preferred choice.
For Murdoch, either DirecTV or EchoStar would complete his satellite ambitions, bringing together operations in the UK, Europe, Latin America and Asia with the US.
In the same interview, Murdoch said he supported US president George W Bush's decision to go to war with Iraq. He said it was morally the right thing to do to tackle Saddam Hussein.
He said: "We can't back down now, where you hand over the whole of the Middle East to Saddam and I think Bush is acting very morally, very correctly, and I think he is going to go on with it."
News Corp owns News International, parent of daily UK tabloid The Sun, which has been supporting prime minister Tony Blair's stance to back Bush and go to war with Iraq.
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