Requires the Federal Communications Commission (FCC) to modify its regulations concerning the multiple ownership of broadcast stations to: (1) require the immediate review of a license for any AM, FM, or TV broadcast station (station) held by any party that acquires the ownership, operation, or control of a daily newspaper; and (2) require the modification or revocation of such license, or divestiture of such ownership, unless such ownership will not cause a radio contour overlap or overlap a third station. Authorizes the FCC to grant a permanent or temporary waiver of such requirement when consistent with the principles of competition, diversity, and localism in the public interest. Prohibits the FCC from requiring such modification, revocation, or divestiture when it is against the public interest, convenience, or necessity.

Requires the FCC to further modify its regulations so that it will determine compliance with such modified multiple ownership requirements whenever: (1) a party that holds a license for such a station acquires ownership, operation, or control of a daily newspaper; or (2) a party that owns, operates, or controls a daily newspaper acquires a license for any such station.

Allows the FCC to modify or repeal its media ownership rules after reporting an explanation thereof to specified congressional committees.