The cost-cutting drive comes as parent group News Corporation reported a net profit of $515m (£329m) in the three months to September 2008, down from $732 (£460m) in the same period last year, despite a strong performance from Sky Italia.
Murdoch said that News Corporation would impose "stringent" cost-cutting measures across all its businesses, including the implementation of "leaner operations" in Britain and Australia leading to further job losses.
"I am not prepared to say how many people," Said Murdoch. "I know, but I don't want the headlines about it."
It is thought that at least 100 jobs have gone from News International through the recently announced merger of its various sales teams.
Speaking in a conference call, Murdoch flagged poor advertising returns across The Times and The Sunday Times, led by "mono advertising and classifieds".
However, he added that the company's tabloid newspapers, The Sun and The News of the World, had largely held up during the downturn.
The latest effort to control costs follows a wholesale review of News International undertaken by Boston Consulting Group, which led to hundreds of staff leaving the company and the merging of commercial operations across the group.
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