Six members of the Commons media committee had earlier stated that owner Rupert Murdoch was "not a fit person" to run a major international business.
News Corp released a statement admitting that there was "serious wrongdoing" at News of the World, and that they were "too slow and too defensive" in their response.
They stated: "Hard truths have emerged from the Select Committee Report - that there was serious wrongdoing at the News of the World; that our response to the wrongdoing was too slow and too defensive; and that some of our employees misled the Select Committee in 2009."
However, the company said that it regretted how the analysis of the "factual record" was followed by "some commentary that we, and indeed several members of the committee, consider unjustified and highly partisan".
News Corp added that it has already "acted on the failings" stated in the report, and has begun conducting reviews across the company's operations in the UK and overseas.
"We have volunteered any evidence of apparent wrongdoing to the authorities, and we have instituted sweeping changes in our internal controls and our compliance programmes on a world-wide basis, to help ensure that nothing like this ever happens again anywhere at News Corporation."
The statement concluded: "As we move forward, our goal is to make certain that in every corner of the globe, our company acts in a manner of which our 50,000 employees and hundreds of thousands of shareholders can be justly proud."
Earlier today, former News of the World editor Colin Myler and ex-News International executive chairman Les Hinton denied giving misleading evidence to MPs over phone hacking.