FCC Media Ownership bill

Preservation of Localism, Program Diversity, and Competition in Television Broadcast Service Act of 2003 - Amends the Communications Act of 1934 to prohibit the Federal Communications Commission from permitting any license for a commercial television broadcast station to be granted, transferred, or assigned to any party if such action would result in that party owning, operating, controlling, or having a cognizable interest in stations which have an aggregate national audience reach exceeding 35 percent. Requires any party currently having licenses in excess of such limit to divest as necessary to comply with such limit within one year.