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".
The reason his statement sat so uncomfortably is that profit without purpose is a recipe for disaster. [The 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.
Lord Justice Leveson said that he had no"hidden agenda" to stifle press freedom.
The judge, who is heading the inquiry into media standards, insisted he would not be deterred from fulfilling his terms of reference following reports suggesting he was ready to resign after Education Secretary Michael Gove said his inquiry was having a "chilling" effect.
He acknowledged there were concerns within the media about the impact of the inquiry, but insisted that he was fully committed to press freedom.
The editors of the Daily Mirror and Sunday Mirror have left "with immediate effect" and the papers are moving to a seven-day publishing model, the company announced.
The editor of one of the world's most successful news websites today raised the prospect of Stephen Fry's Twitter page being regulated.
Martin Clarke, editor of the Daily Mail online, told the Leveson Inquiry into press standards that additional regulation may be a "dagger to the heart" of British online media.
Mr Clarke was talking about the difficulty of regulating web news publishers and bloggers with large audiences.
He said: "You can't slice and dice the internet up into different bits...Stephen Fry has four million followers on Twitter.
"He can reach more people in one hour than I can, so is he going to be regulated?"
The Leveson inquiry will hear today from Detective Chief Inspector Brendan Gilmour. DCI Gilmour worked on the Metropolitan Police's Operation Glade, which looks into police corruption.
The temporary Assistant Chief Constable of Devon and Cornwall police, Russell Middleton will also give evidence. He was involved in Operation Reproof about an officer allegedly supplying private investigators with information from the police national computer.
The editor of the Mail Online is due to give evidence to the Leveson inquiry today. Martin Clarke is a former executive editor for the Daily Mail and Mail on Sunday newspapers. He took over the Mail Online site in 2006, turning it into one of the world's leading online newspapers.
Singer George Michael has claimed he was asked to speak to the Leveson Inquiry into press standards but declined, dismissing it as a sham.Read the full story ›