Broadcast Ownership for the 21st Century Act

[AI summary unavailable — showing source text] Broadcast Ownership for the 21st Century Act - Amends the Communications Act of 1934 to mandate that the Federal Communications Commission (FCC) shall not prohibit a person or entity directly from owning, operating, controlling, or having a cognizable interest in: (1) two television (TV) stations with overlapping coverage areas if each station is located in a separate TV market; or (2) two TV stations within the same market, if at least one of such stations is a UHF TV station. Provides for: (1) protection of existing local marketing agreements between two broadcast TV stations within the same market; and (2) FCC authority to permit an entity to own or operate two VHF stations within the same market, under certain circumstances. Directs the FCC to modify current cross-ownership limitations by eliminating: (1) provisions limiting the granting or renewal of an AM, FM, or TV broadcast station license to any party on the basis of the ownership, operation, or control of a daily newspaper; and (2) the one-to-a-market rule. Disallows the FCC to prohibit or limit a person or entity from holding any form of ownership or other interest in a broadcast station and a cable system serving the sa…