To amend the Communications Act of 1934 to establish time limits for Federal Communications Commission review of mergers, acquisitions, and other license transfers.

Amends the Communications Act of 1934 to require the Federal Communications Commission (FCC) to make a determination with respect to telecommunications mergers, acquisitions, and other license transfers within 60 days after their submission. Authorizes a single extension of 30 days if approved by the FCC. Provides a 45-day deadline with respect to certain acquisitions involving small local exchange carriers.

Deems as approved any such application not approved or denied within the prescribed periods.

Requires applications pending for more than 60 days as of the enactment of this Act to be approved or denied within 30 days thereafter.