Federal Communications Commission Network Acquisition Approval Act of 1985

Federal Communications Commission Network Acquisition Approval Act of 1985 - Amends the Communications Act of 1934 to require the Federal Communications Commission to take specified actions before granting any application proposing the acquisition of ownership or control of a television network whose board of directors has not approved the acquisition. Directs the Commission to require the applicant to file specified information, including: (1) the identities, managerial expertise, and financial resources of the persons involved in the acquisition; (2) the sources of funds and the details of financial arrangements involved in the acquisition, as well as any plan to liquidate assets; (3) any reduction in service to any community that would result from the acquisition; and (4) the reasons that the acquisition would benefit the public interest, convenience, and necessity. Directs the Commission to: (1) issue a public notice indicating that such information is available for public inspection; (2) allow a party 30 days after such notice is issued to file a petition to deny the application; and (3) conduct a full evidentiary hearing on such application.