It also listed the arguments for and against the bill which were raised during hearings on 22 January and 1 February.
The Greens members on the panel recommended that the bill should be amended to require news publishers to spend the money from the Code on public interest journalism.
In a statement released along with Communications Minister Paul Fletcher, Frydenberg said: "The world-leading Code was developed after extensive analysis from the Australian Competition and Consumer Commission, including almost three years of public consultation.
"The purpose of the Code is to address the bargaining power imbalance identified by the ACCC between digital platforms and news media businesses in order to support a diverse and sustainable Australian news media sector, including Australia’s public broadcasters.
"The Code creates a framework for the parties to reach commercial arrangements, so that news media business are fairly remunerated for the content they generate and which digital platforms benefit from.
"The government expects all parties to continue to work constructively towards reaching commercial agreements in the spirit of collaboration and good faith encouraged by the Code.
"The Code will be reviewed by Treasury one year after its operation to ensure it is delivering outcomes that are consistent with the government’s policy intent."