To amend the Communications Act of 1934 to reduce the restrictions on ownership of broadcasting stations and other media of mass communications.

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.