Broadcast License Renewal Act

(LATEST SUMMARY)

Broadcast License Renewal Act - Requires the Federal Communications Commission to establish procedures to be followed by licensees of broadcasting stations to ascertain the needs, problems, and interests of their viewers.

Sets the term of a broadcast station license or renewal of such license at five years.

Sets forth criteria to be used by the FCC in determining whether renewal of a broadcast license would serve the public interest, convenience, and necessity.

Directs the Federal Communications Commission to conduct a study to determine how it might expedite the elimination of those regulations of broadcast licensees required by the Communications Act of 1934 which do not serve the public interest and shall make annual reports of the results of such study (including any recommendations for legislation) to the Committee on Commerce of the Senate and the Committee on Interstate and Foreign Commerce of the House of Representatives.

Requires the FCC, not later than December 31, 1974, to complete all proceedings and take such agency action as it deems appropriate in connection with proposed amendments to the Commission's rules relating to multiple ownership of standard, frequency modulation, and television broadcast stations.

Requires the FCC, in applying its multiple ownership rules, to consider any bank, mutual fund, or insurance company that owns or controls 5 percent of the outstanding voting stock of a corporate licensee which has more than 50 voting stockholders as having a controlling interest in such corporate licensee.