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Ms Closs Stephens said it was a "difficult situation" that neither broadcaster had sought, but it was time to "move forward".
BBC: S4C should match BBC Wales savings, proposes Trust
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Dr Elan Closs Stephens said otherwise it could be run by commissioners.
BBC: Anglesey MP says elected mayor 'only way forward'
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The independent review, chaired by Elan Closs Stephens, recommended that the existing arts council and culture board should be retained - rather than one of them getting the chop.
BBC: NEWS | UK | Wales | Arts review rejects takeover plan
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Elan Closs Stephens, the BBC's trustee for Wales, said it was time to "get together, " because people in Wales had "torn each other apart on this issue for a long time".
BBC: S4C should match BBC Wales savings, proposes Trust
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The BBC National Trustee for Wales, Prof Elan Closs Stephens, said the agreement would build on a successful 30 year partnership between the two broadcasters, balancing S4C's independence with accountability for its use of licence fee funding.
BBC: and S4C agreement public consultation launched