SECTION 1. BROADCAST OWNERSHIP.

    (a) Amendment.--Title III of the Communications Act of 1934 is 
amended by inserting after section 335 (47 U.S.C. 335) the following 
new section:

``SEC. 336. BROADCAST OWNERSHIP.

    ``(a) Limitations on Commission Rulemaking Authority.--Except as 
expressly permitted in this section, the Commission shall not prescribe 
or enforce any regulation--
            ``(1) prohibiting or limiting, either nationally or within 
        any particular area, a person or entity from holding any form 
        of ownership or other interest in two or more broadcasting 
        stations or in a broadcasting station and any other medium of 
        mass communication; or
            ``(2) prohibiting a person or entity from owning, 
        operating, or controlling two or more networks of broadcasting 
        stations or from owning, operating, or controlling a network of 
        broadcasting stations and any other medium of mass 
        communications.
    ``(b) Television Ownership Limitations.--
            ``(1) National audience reach limitations.--The Commission 
        shall prohibit a person or entity from obtaining any license if 
        such license would result in such person or entity directly or 
        indirectly owning, operating, or controlling, or having a 
        cognizable interest in, television stations which have an 
        aggregate national audience reach exceeding--
                    ``(A) 35 percent, for any determination made under 
                this paragraph before one year after the date of 
                enactment of this section; or
                    ``(B) 50 percent, for any determination made under 
                this paragraph on or after one year after such date of 
                enactment.
        Within 2 years after such date of enactment, the Commission 
        shall conduct a study on the operation of this paragraph and 
        submit a report to the Congress on the development of 
        competition in the television marketplace and the need for any 
        revisions to or elimination of this paragraph.
            ``(2) Multiple licenses in a market.--
                    ``(A) In general.--The Commission shall prohibit a 
                person or entity from obtaining any license if such 
                license would result in such person or entity directly 
                or indirectly owning, operating, or controlling, or 
                having a cognizable interest in, two or more television 
                stations within the same television market.
                    ``(B) Exception for multiple uhf stations and for 
                uhf-vhf combinations.--Notwithstanding subparagraph 
                (A), the Commission shall not prohibit a person or 
                entity from directly or indirectly owning, operating, 
                or controlling, or having a cognizable interest in, two 
                television stations within the same television market 
                if at least one of such stations is a UHF television, 
                unless the Commission determines that permitting such 
                ownership, operation, or control will harm competition 
                or will harm the preservation of a diversity of voices 
                in the local television market.
                    ``(C) Exception for vhf-vhf combinations.--
                Notwithstanding subparagraph (A), the Commission may 
                permit a person or entity to directly or indirectly 
                own, operate, or control, or have a cognizable interest 
                in, two VHF television stations within the same 
                television market, if the Commission determines that 
                permitting such ownership, operation, or control will 
                not harm competition and will not harm the preservation 
                of a diversity of voices in the local television 
                market.
    ``(c) Definitional Regulations Permitted.--The Commission may 
prescribe regulations--
            ``(1) providing for the treatment of any persons or 
        entities under common ownership or control as a single person 
        or entity for purposes of this section, except that the 
        Commission shall not change the attribution rules in effect on 
        the date of enactment of this section;
            ``(2) specifying procedures for the determination of 
        markets and audience reach; and
            ``(3) defining direct or indirect ownership, operation, and 
        control, and cognizable interest, consistent with the purposes 
        of this section.
    ``(d) Transition Provisions.--Any provision of any regulation 
prescribed before the date of enactment of this section that is 
inconsistent with the requirements of this section shall cease to be 
effective on such date of enactment. The Commission shall complete all 
actions (including any reconsideration) necessary to amend its 
regulations to conform to the requirements of this section not later 
than 6 months after such date of enactment. Nothing in this section 
shall be construed to prohibit the continuation or renewal of any 
television local marketing agreement that is in effect on such date of 
enactment and that is in compliance with Commission regulations on such 
date.''.
    (b) Conforming Amendment.--Section 613(a) of the Communications Act 
of 1934 (47 U.S.C. 533(a)) is repealed.
Amends the Communications Act of 1934 (the Act) to prohibit the Federal Communications Commission (FCC) from prescribing or enforcing any regulation:  (1) prohibiting or limiting, either nationally or within any particular area, a person or entity from holding any form of ownership or other interest in two or more broadcasting stations or in such a station and any other medium of mass communication; or (2) prohibiting a person or entity from owning, operating, or controlling two or more networks of broadcasting stations or such a network and any other medium of mass communications. 
Requires the FCC to prohibit a person or entity from obtaining any license if such license would result in such person or entity directly or indirectly owning, operating, controlling, or having a cognizable interest in:  (1) television stations which have an aggregate national audience reach exceeding 35 percent for any determination made before one year after enactment of this Act or 50 percent for any determination made thereafter; or (2) two or more television stations within the same market, except where at least one of the stations is a UHF station or where the Commission determines that ownership, operation, or control of two VHF television stations within the same market would not harm the preservation of a diversity of voices in the market.  Requires the FCC to study and report to the Congress, within two years after the enactment of this Act, on the development of competition in the television marketplace and the need for any revisions to, or elimination of, audience reach limitations under this Act.
To amend the Communications Act of 1934 to reduce the restrictions on ownership of broadcasting stations and other media of mass communications.