Elisabeth Murdoch has said that the phone-hacking scandal has forced News Corp to ask "itself some very significant and difficult questions".
Rupert Murdoch's daughter became the third member of her family - following her father and brother James - to deliver the celebrated MacTaggart lecture at the Edinburgh International Television Festival.
But her speech was in stark contrast to one made by her brother in 2009 in which he lambasted the BBC and accused the corporation of a "land grab".
Speaking at the annual industry get-together, she said News Corp was "currently asking itself some very significant and difficult questions about how some behaviours fell so short of its values".
She said "one of the biggest lessons" was the need for "a rigorous set of values based on an explicit statement of purpose".
Ms Murdoch also praised the "mindset of the Olympians" and said TeamGB "have changed how we feel as a nation".
Ms Murdoch, who founded production company Shine which is responsible for shows including MasterChef and Merlin, quoted from her brother's lecture in which he said profit was the only "reliable and perpetual guarantor of independence".
But she told her audience he left something out, adding: "The reason his statement sat so uncomfortably is that profit without purpose is a recipe for disaster."
She said industry and "global society" need to "reject the idea that money is the only effective measure of all things or that the free market is the only sorting mechanism".
She said: "Let's see what the Leveson Inquiry recommends, but when there has been such an unsettling dearth of integrity across so many of our institutions, it is very difficult to argue for the right outcome - which must be the fierce protection of a free press and light-touch media regulation. Sadly, the greatest threats to our free society are too often from enemies within."