With revenue up 9.5 percent and profit of $832 million, what's News Corp. got to be worried about?

What analysts would consider moderate financial reports from Rupert Murdoch are instead a shining star on the media landscape, with the competition taking huge hits from slipping ad revenue. (By comparison, the New York Times Co. reported revenue down 7.1 percent with profit at $53 million.)

So it might explain why Murdoch remains bullish on his TV business and its ability to score ad campaigns: He has no plans to cancel Fox's upfronts, where huge blocks of advertising are sold in advance.

"Now I know there are concerns about the health of the ad market, says News Corp. COO and Fox president Peter Chernin. "But we here at Fox have not seen any weakness to date. Pricing remains very strong for both entertainment and sports." No wonder — quarterly profits on News Corp.'s TV side, at Fox and India's Star, more than doubled to $245 million. NBC, which continues to see its advertising outlook slip, is considering canceling May's upfronts.