Media Ownership Reform Act of 2004

[AI summary unavailable — showing source text] Media Ownership Reform Act of 2004 - Amends the Communications Act of 1934 to require a broadcast licensee to afford reasonable opportunity for the discussion of conflicting views on issues of public importance, consistent with the rules and policies of the Federal Communications Commission (FCC) in effect on January 1, 1987. Prohibits the FCC from permitting any license for a commercial television broadcast station to be granted, transferred, or assigned to any party if such action would result in that party owning, operating, or controlling, or having a cognizable interest in: (1) stations which have an aggregate national audience reach exceeding 35 percent; or (2) such station and a cable television system whose service area overlaps with such commercial station's predicted Grade B contour. Requires any party currently having a license in excess of such limits to divest as necessary to comply with such limits within one year. Directs the FCC to modify its regulations concerning ownership of national and local radio broadcast stations to place limitations on such ownership (such limitations varying depending on the number of stations in the local market area). Declares invalid an…