Murdoch Previews News Corp. Earnings: We're OK Except For Local TV

News Corp. (NWS) reports Q4 earnings tomorrow afternoon, but Rupert Murdoch has already given us a sense of what to look for: Speaking to reporters in India, Murdoch said his media conglomerate was doing OK, except for a lousy performance from Fox's U.S. TV stations.

"Our advertisement on television and the Internet is very, very good, except for local television," he said. "Cable networks are all sold out for 12 months," he said, adding that Britain was holding up "very well."

That is, don't expect the company's performance to vary much from Q3, when Murdoch said that the economy was beating up ad revenues, but pretty much only in the U.S.:

How does Rupert see big-picture economy in US and worldwide? No doubt that US consumer economy is "stressed" and you're seeing that reflected in advertising. Shorter-term bookings. We're increasing our share even though there are some declines in overall business. Australia booming, UK and Europe are "steady". Will they follow American pattern soon? I don't know. Certainly I'm told that business is slowing down on the continent. Our business, certainly in UK, is in very healthy condition.