The director general of the BBC has apologised to the victims of Jimmy Savile and Stuart Hall.
Lord Hall said: "The BBC failed you when it should have protected you.
"I'm deeply sorry for the hurt caused to each and every one of you."
He added: "Savile committed his crimes in many places but it was the BBC that made him famous.
"What this terrible episode tells us is that fame is power, a very strong form of power.
"And like all power it must be held to account, it must be challenged and it must be scrutinised, and it wasn't."
Peter Wanless, NSPCC chief executive, said: "This report demonstrates just how disturbingly easy at the time it was for Savile to get away, unchallenged, with despicable acts against children at the BBC. The impact on his victims has been profound - as we have already witnessed from calls to our helpline.
"It is tragic that a culture existed at the BBC in which Savile became too powerful to confront, so allowing him to use his celebrity status to abuse at will, leaving a trail of devastation in his wake.
"The BBC must ensure staff can easily raise concerns and that robust safeguarding procedures are in place to effectively act on these so that a scandal of this kind, never mind this magnitude, is never repeated."
The report into the abuse of Jimmy Savile and Stuart Hall is "nothing more than an expensive whitewash", a lawyer representing victims has said.
Liz Dux, who represents 168 victims, said "the truth has still not been unearthed".
"All the Savile and Hall victims have ever wanted from this report is truth and accountability," she said.
"Despite millions having been spent on the inquiry, my clients will feel let down that the truth has still not been unearthed and many will feel it is nothing more than an expensive whitewash.
"It is unfortunate that Dame Janet had no power to compel senior managers to give evidence, giving the impression that the whole picture of who knew what has not been revealed."
Society owes a "great debt" to the victims of Jimmy Savile and Stuart Hall, Dame Janet Smith said.
She thanked them for "your contribution and your courage" during the investigation.
"You are not to blame and your reasons for not reporting it are wholly understandable," said Dame Janet.
"Society owes you a great debt. Your legacy is that you have helped to convince us all of the importance of ensuring that young and vulnerable people have the confidence to report abuse, and when they do so their voices will be heard and treated with the same respect as those with power in our society.
"I think that is a legacy of which you can be justifiably proud."
BBC "talent" such as Jimmy Savile were more important to the corporation than its values, one witness told Dame Janet Smith during her investigation into abuse by the star.
Dame Janet said celebrities like Savile and Stuart Hall were "treated with kids gloves" and were "virtually untouchable".
She said the failure to properly investigate alleged abuse of young girls on Top of the Pops in the 1970s showed the BBC was more concerned about its reputation than the welfare of the youngsters.
"One witness told me that the talent were more valuable to the BBC than their own values," Dame Janet said.
Jimmy Savile and Stuart Hall used their fame and position as BBC celebrities to abuse the vulnerable, Dame Janet Smith has said.
Dame Janet, who led the investigation into Savile's abuse, described him as "opportunistic and shameless".
"They must be condemned for their monstrous behaviour," she said following the publication of her report.
Dame Janet said she identified five occasions when the BBC "missed an opportunity to uncover their misconduct", saying the culture of the BBC allowed their behaviour to go "undetected for decades".
However, she denied the BBC had sought to influence the review, saying a delay following its completion in April 2015 was due to concerns raised by the Metropolitan Police that it might affect ongoing investigations.
"(Jimmy) Savile and Stuart Hall were serial sexual predators" and the BBC missed five opportunities to stop their misconduct, Dame Janet Smith said today.
The BBC Trust has issued an apology to the victims of Jimmy Savile and Stuart Hall following the publication of a damning report into the corporation's handling of their behaviour.
Rona Fairhead said the corporation "turned a blind eye" and had "failed" the victims.
"It turned a blind eye, where it should have shone a light.
"And it did not protect those who put their trust in it."
Watch the press conference held following the publication of Dame Janet Smith's review into the abuse of Jimmy Savile.