Broadcast Ownership for the 21st Century Act

Broadcast Ownership for the 21st Century Act - Amends the Communications Act of 1934 to mandate that the Federal Communications Commission (FCC) shall not prohibit a person or entity directly from owning, operating, controlling, or having a cognizable interest in: (1) two television (TV) stations with overlapping coverage areas if each station is located in a separate TV market; or (2) two TV stations within the same market, if at least one of such stations is a UHF TV station. Provides for: (1) protection of existing local marketing agreements between two broadcast TV stations within the same market; and (2) FCC authority to permit an entity to own or operate two VHF stations within the same market, under certain circumstances.

Directs the FCC to modify current cross-ownership limitations by eliminating: (1) provisions limiting the granting or renewal of an AM, FM, or TV broadcast station license to any party on the basis of the ownership, operation, or control of a daily newspaper; and (2) the one-to-a-market rule. Disallows the FCC to prohibit or limit a person or entity from holding any form of ownership or other interest in a broadcast station and a cable system serving the same community. Directs the FCC to permit a TV broadcast station to affiliate with a person or entity that maintains two or more networks of TV broadcast stations, with a limited exception.

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.