Broadcast Licensing, Renewal, and Deregulation Act of 1981

Broadcast Licensing, Renewal, and Deregulation Act of 1981 - Amends the Communications Act of 1934 to establish new procedures for reviewing petitions to deny broadcast license applications.

Requires the Federal Communications Commission (FCC) to grant a license renewal application by a radio or television broadcast station licensee unless the actions of the licensee evidence such serious disregard for the Communications Act and for the rules and policies of the FCC that denial of the application is justified.

Prohibits the FCC from considering the applications of other persons for a broadcast station's facilities when the FCC is acting upon a license renewal application by a radio or television broadcast station.

Permits persons holding construction permits or station licenses to transfer the permit or license without first obtaining an FCC finding that the transfer serves the public interest. Requires the FCC to be notified of such transfer. Provides for public notice of the transfer. Provides for disposition by the FCC of objections to such transfer. Prohibits the FCC from considering whether the public interest would be served by the transfer of the permit or license involved to a different person.

Repeals certain provisions relating to the application of the antitrust laws.

Prohibits the FCC from imposing requirements on radio or television licensees relating to: (1) programs; (2) programming formats; (3) ascertainment; (4) commercialization; and (5) maintenance of program logs.