SECTION 1. FCC DAILY NEWSPAPER CROSS-OWNERSHIP RULE.

    (a) Immediate Review.--
            (1) In general.--The Federal Communications Commission 
        shall modify section 73.3555(d) of its regulations (47 C.F.R. 
        73.3555(d)) to provide for the immediate review of a license 
        for any AM, FM, or TV broadcast station held by any party 
        (including all parties under common control) that acquires 
        direct or indirect ownership, operation, or control of a daily 
        newspaper.
            (2) Notice to commission.--The modification under paragraph 
        (1) shall require that any licensee covered by that paragraph 
        notify the Committee of the acquisition of the ownership, 
        operation, or control of a daily newspaper upon the acquisition 
        of such ownership, operation, or control.
    (b) Remedial Action.--The Commission shall further modify section 
73.3555(d) of its regulations (47 C.F.R. 73.3555(d)) to require 
modification or revocation of the license, or divestiture of such 
ownership, operation, or control of the daily newspaper, unless the 
Commission determines that direct or indirect ownership, operation, or 
control of the daily newspaper by that party will not cause a result 
described in paragraph (1), (2), or (3) of that section.
    (c) 6-Month Deadline for Compliance.--Under the regulations as 
modified under subsection (b), if the Commission does not make a 
determination described in subsection (b), the Commission shall require 
the modification, revocation, or divestiture to be completed not later 
than the earlier of--
            (1) the date that is 180 days after the date on which the 
        Commission issues the order requiring the modification, 
        revocation, or divestiture; or
            (2) the date by which the Commission's regulations require 
        the license to be renewed.
    (d) Application to Existing Arrangements.--
            (1) In general.--In applying its regulations, as modified 
        pursuant to this section, to any license for an AM, FM, or TV 
        broadcast station that is held on the date of the enactment of 
        this Act by a party that also, as of that date, has direct or 
        indirect ownership, operation, or control of a daily newspaper, 
        the Commission--
                    (A) may grant a permanent or temporary waiver from 
                the modification, revocation, or divestiture 
                requirements of the modified regulation if the 
                Commission determines that the waiver is consistent 
                with the principles of competition, diversity, and 
                localism in the public interest; and
                    (B) shall not apply the modified regulation so as 
                to require modification, revocation, or divestiture in 
                circumstances in which section 73.3555(d) of the 
                Commission's regulations (47 C.F.R. 73.3555(d)) does 
                not apply because of Note 4 to that section.
            (2) Notice to commission.--A licensee of a license 
        described by paragraph (1) shall notify the Commission not 
        later than 30 days after the date of the enactment of this Act 
        that the license is covered by paragraph (1).

SEC. 2. REVIEW BASED ON TRANSACTIONS.

    The Federal Communications Commission shall further modify section 
73.3555 of its regulations (47 C.F.R. 73.3555) so that the Commission 
will determine compliance with section 73.3555(d) of its regulations, 
as modified by the Commission pursuant to section 1 of this Act, 
whenever a party (including all parties under common control)--
            (1) that holds a license for an AM, FM, or TV broadcast 
        station acquires direct or indirect ownership, operation, or 
        control of a daily newspaper; or
            (2) that directly or indirectly owns, operates, or controls 
        a daily newspaper acquires a license for an AM, FM, or TV 
        broadcast station.

SEC. 3. FCC TO JUSTIFY REPEAL OR MODIFICATION OF REGULATIONS UNDER 
              REGULATORY REFORM.

    Section 11 of the Communications Act of 1934 (47 U.S.C. 161) is 
amended--
            (1) by redesignating subsection (b) as subsection (c); and
            (2) by inserting after subsection (a) the following new 
        subsection (b):
    ``(b) Relaxation or Elimination of Media Ownership Rules.--If, as a 
result of a review under subsection (a)(1), the Commission makes a 
determination under subsection (a)(2) with respect to its regulations 
governing multiple ownership (47 C.F.R. 73.3555), then not less than 18 
months before the proposed repeal or modification under subsection (c) 
is to take effect, the Commission shall transmit to the Committee on 
Commerce, Science, and Transportation of the Senate and the Committee 
on Commerce of the House of Representatives--
            ``(1) a statement of the proposed repeal or modification; 
        and
            ``(2) an explanation of the basis for its determination, 
        including an explanation of how the proposed repeal or 
        modification is expected to promote competition, diversity, and 
        localism in the public interest.''.

SEC. 4. DEADLINE FOR MODIFICATION OF REGULATIONS.

    The Federal Communications Commission shall complete the 
modifications of its regulations required by sections 1 and 2 of this 
Act not later than 1 year after the date of the enactment of this Act.
Output: Requires the Federal Communications Commission (FCC) to modify its regulations concerning the multiple ownership of broadcast stations to: (1) require the immediate review of a license for any AM, FM, or TV broadcast station (station) held by any party that acquires the ownership, operation, or control of a daily newspaper; and (2) require the modification or revocation of such license, or divestiture of such ownership, unless such ownership will not cause a radio contour overlap or overlap a third station. Authorizes the FCC to grant a permanent or temporary waiver of such requirement when consistent with the principles of competition, diversity, and localism in the public interest. Prohibits the FCC from requiring such modification, revocation, or divestiture when it is against the public interest, convenience, or necessity.Requires the FCC to further modify its regulations so that it will determine compliance with such modified multiple ownership requirements whenever: (1) a party that holds a license for such a station acquires ownership, operation, or control of a daily newspaper; or (2) a party that owns, operates, or controls a daily newspaper acquires a license for any such station.Allows the FCC to modify or repeal its media ownership rules after reporting an explanation thereof to specified congressional committees.