The Federal Communications Commission proposed easing several decades-old regulations on broadcasters, including one that prevents companies from owning a broadcast station and newspaper in the samecity and another prohibiting a company from owning more than one national television network.
In a biennial review that Congress ordered as part of its overhaul of the telecommunications industry four years ago, the F.C.C. said it had begun preparing new rules to relax, but not eliminate, both the cross-ownership and dual-network restrictions.
It also proposed changing the manner in which the listening audience of local radio markets is measured by regulators in a way that could enable companies to own more stations than they do under current limits.

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NOTE: There will be a period for public comment on these matters, so be prepared to give your input! The Telecom Act of '96 was passed without public input -- now it's time to rectify that situation. If they are not going to repeal the Telecom Act outright, it may be time for some serious modifications.
FCC Overview of Telecom Act Review