Mr Murdoch said News Corp's acquisition of a 7.5 per cent stake in its Australian newspaper rival was a strategic move.
"It's just a strategic holding," Mr Murdoch told reporters after News Corp's annual shareholders' meeting in New York.
"There's no plans to take over Fairfax, or anything else there (in Australia)."
News Corp bought a 7.5 per cent strategic stake in Fairfax for $360 million after the stock market closed on Thursday.
News Corp would not be able to own both its current Australian newspapers and the Fairfax titles, even after the newly-passed media laws come into effect next year, but the purchase has given Mr Murdoch a key role in deciding his rival's future.
News Corp's move sparked speculation among analysts that Fairfax's newspaper and online assets may be broken up and sold off in the long run.
Fairfax was already seen as a likely takeover target after the new media ownership laws, which passed through parliament, come into effect.
Australia's major media companies have been jostling for position ahead of the enactment of the new laws, with Fairfax also viewed as a possible target for James Packer's new media spin-off, PBL Media.
Mr Murdoch said he does not view the new legislative changes optimistically.
"The legislation in its final form is still largely a form of protection of free television," he told reporters.
"That's why we all in the press oppose it. Either have no regulations or leave the status quo, as unsatisfactory as that was," he said.
The changes allow foreign investors to buy local media companies, and lift limits on how many media outlets a single proprietor can own in one market.
CanWest
In other media moves CanWest Global Communications Corp, Canada's biggest media company, has retained Citigroup Global Markets Inc to explore opportunities in the South Pacific in the wake of the changes to Australian media ownership laws.