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Elisabeth Murdoch also warned of the threat to press freedom from "enemies within" - an apparent reference to those accused of involvement in the News International phone-hacking scandal.
She said News Corp was "currently asking itself some very significant and difficult questions about how some behaviours fell so short of its values".
In regard to the impact on press freedoms following the scandal, she said:
In contrast to her brother, who used his 2009 speech to lambast the BBC, Elisabeth Murdoch reiterated her support for the corporation and its licence fee and praised the "vision and leadership" of outgoing Director-General Mark Thompson.
Yet she cautioned that his successor, George Entwistle, must show how "efficiently" the BBC spent its money.
She also had firm praise for her father, Rupert, who she said "had the vision, the will and the sense of purpose to challenge the old world order on behalf of 'the people"'.
Elisabeth Murdoch, the daughter of media tycoon Rupert Murdoch, has distanced herself from her brother James as she warned of the dangers of unethical profiteering during her landmark speech to television executives in Edinburgh.
Ms Murdoch, who founded the production company that boasts MasterChef and Merlin within its output, quoted from her brother's 2009 MacTaggart lecture in which he said profit was the only "reliable and perpetual guarantor of independence".