To amend the United States-Canada Free-Trade Agreement Implementation Act of 1988 in regard to cultural industries.

Amends the U.S.-Canada Free-Trade Agreement Implementation Act of 1988 to: (1) prohibit a Canadian person from acquiring a direct controlling interest in a U.S. book publishing enterprise; and (2) require any such person acquiring an indirect controlling interest in such an enterprise to register it with the Secretary of Commerce and sell to a U.S. person within two years of such acquisition. Authorizes the President to waive such provisions if he believes U.S. action under this Act has had equivalent commercial effect to Canadian laws with respect to investment in cultural industries. Declares that such provisions shall cease to apply at such time as the President reports to the Congress that: (1) he has concluded an agreement with Canada extending the principles of the U.S.-Canada Free-Trade Agreement to cultural industries; or (2) Canada no longer maintains laws or policies that prohibit or require divestment of direct or indirect investment by U.S. persons in Canadian cultural industries.