SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Broadcast Ownership for the 21st 
Century Act''.

SEC. 2. CROSS-OWNERSHIP LIMITATIONS.

    (a) Rule Changes Required.--The Federal Communications Commission 
shall modify section 73.3555 of its regulations (47 C.F.R. 73.3555) by 
eliminating any provisions limiting the granting or renewal of an AM, 
FM, or TV broadcast station license to any party (including parties 
under common control) on the basis of the ownership, operation, or 
control by such party of a daily newspaper.
    (b) Cable Cross-Ownership Limitations.--Section 613(c) of the 
Communications Act of 1934 (47 U.S.C. 533(c)) is amended--
            (1) by inserting ``(1)'' after ``(c)''; and
            (2) by adding at the end the following new paragraph:
    ``(2) Notwithstanding paragraph (1), the Commission may not 
prohibit or limit a person or entity from holding any form of ownership 
or other interest in a broadcasting station and a cable system serving 
the same community.''.
    (c) Dual-Network Rules.--The Federal Communications Commission 
shall revise section 73.658(g) of its regulations (47 C.F.R. 73.658(g)) 
to permit a television broadcast station to affiliate with--
            (1) a person or entity that maintains two or more networks 
        of television broadcast stations unless such dual or multiple 
        networks are composed of two or more persons or entities that, 
        on February 8, 1996, offered an interconnected program service 
        on a regular basis for 15 hours or more per week to at least 25 
        affiliated television licensees in 10 or more States; or
            (2) any person or entity controlling, controlled by, or 
        under common control with such a person or entity described in 
        paragraph (1).
    (d) Deadline for Actions.--The Federal Communications Commission 
shall complete all actions necessary to complete the modifications 
required by this section within 90 days after the date of enactment of 
this Act.

SEC. 3. TELEVISION MULTIPLE OWNERSHIP.

    Section 310 of the Communications Act of 1934 (47 U.S.C. 310) is 
amended by adding at the end the following new subsection:
    ``(f) National Audience Reach Calculation.--In calculating the 
national audience reach limitations for television stations under the 
Commission's regulations, UHF television stations shall be attributed 
with no more than 50 percent of the television households in their 
market.''.

SEC. 4. LIMITATION ON FEDERAL COMMUNICATIONS COMMISSION AUTHORITY.

    (a) Amendment.--Section 202(c)(1)(B) of the Telecommunications Act 
of 1996 is amended by striking ``35 percent'' and inserting ``45 
percent''.
    (b) Deadline for Implementation.--The Federal Communications 
Commission shall amend its regulations to implement the amendment made 
by subsection (a) within 90 days after the date of enactment of this 
Act. In amending such regulations, the Commission shall not revise 
section 73.3555(e)(2)(i) of its regulations (47 C.F.R. 
73.3555(e)(2)(i)).

SEC. 5. RECIPROCAL TREATMENT OF FOREIGN OWNERSHIP RESTRICTIONS.

    Subsection (b) of section 310 of the Communications Act of 1934 (47 
U.S.C. 310(b)) is amended to read as follows:
    ``(b) Foreign Ownership Limitations.--
            ``(1) In general.--No broadcast or common carrier or 
        aeronautical en route or aeronautical fixed radio station 
        license shall be granted to or held by--
                    ``(A) any alien or the representative of any alien;
                    ``(B) any corporation organized under the laws of 
                any foreign country;
                    ``(C) any corporation of which more than one-fifth 
                of any class of the capital stock is owned of record or 
                voted by aliens or their representatives or by a 
                foreign government or representative thereof or by any 
                corporation organized under the laws of a foreign 
                country;
                    ``(D) any corporation directly or indirectly 
                controlled by any other corporation of which more than 
                one-fourth of any class of the capital stock is owned 
                of record or voted by aliens, their representatives, or 
                by a foreign government or representative thereof, or 
                by any corporation organized under the laws of a 
                foreign country, if the Commission finds that the 
                public interest will be served by the refusal or 
                revocation of such license.
            ``(2) Reciprocal treatment for broadcast stations.--In the 
        case of a broadcast station license, if the foreign country or 
        foreign government referred to in subparagraph (C) or (D) of 
        paragraph of (1) regularly permits broadcast station licenses 
        to be granted to or held by--
                    ``(A) any corporation of which more than one-fifth 
                of the capital stock is owned of record or voted by one 
                or more United States persons;
                    ``(B) any corporation directly or indirectly 
                controlled by any other corporation of which more than 
                one-fourth of the capital stock is owned of record or 
                voted by one or more United States persons;
        then the Commission shall apply such subparagraphs (C) and (D) 
        by permitting an alien, corporation, government, or 
        representative from such foreign country to own a portion of 
        the class of the capital stock of the corporation seeking or 
        holding the broadcast station license equal to the portion of 
        the corresponding class of the capital stock of a corporation 
        holding a broadcast station license in such foreign country 
        that are permitted by such foreign country or foreign 
        government to be held by an individual citizen, corporation, 
        government, or representative from the United States, except 
        that the Commission shall not be required by this paragraph to 
        permit a portion of such capital stock ownership representing 
        voting stock higher than 40 percent.
            ``(3) Definition of united states persons.--For purposes of 
        paragraph (2), the term `United States person' means--
                    ``(A) any corporation organized under the laws of a 
                State;
                    ``(B) an individual who is a citizen of the United 
                States;
                    ``(C) a government of the United States or any 
                State; or
                    ``(D) a representative of any of the individuals or 
                entities described in subparagraphs (A) through (C) of 
                this paragraph.''.
Provides that, in calculating the national audience reach limitations, UHF stations shall be attributed with no more than 50 percent of the TV households in their market.
Amends the Telecommunications Act of 1996 to direct the FCC to modify its rules for multiple ownership of TV broadcast stations to increase to 45 (currently 35) percent the national audience reach limitations for TV stations owned by the same entity or person.
Revises provisions prohibiting the granting of radio station licenses to aliens or foreign entities to allow the granting of such a license to the same manner and extent to which such alien's or entity's country allows the granting of such a license to a U.S. person or entity.
Broadcast Ownership for the 21st Century Act