News Corp (NYSE: NWS) did better than Wall Street expected. With one-time items backed out, the numbers were not quite as good, but were still impressive.

Hidden in among the numbers and news about the success of Fox and the company's cable operations were comments by chief Rupert Murdoch that the economic climate is going to start to bite advertising. "There's no doubt the consumer economy is stressed. You're seeing it affected in advertising, more short-term planning and booking," said the News Corp chairman and chief executive is quoted by Reuters as saying.

The observation should give pause to investors in News Corp and shareholders in other global media companies and advertising agencies. Murdoch's operation are structured very much like Viacom (NYSE: VIA), Disney (NYSE: DIS), and Time Warner (NYSE: TWX).

There had been some hope that advertising expenditures would not fall as the economy slowed. First quarter results from several media shops were decent. But the unlucky consumer, hit by rising fuel and food prices cannot spend on forever. Murdoch knows that and just wanted to pass it along.

Douglas A. McIntyre is an editor at 247wallst.com and editor of the Ten Stocks Under $10 newsletter.