In a move that could reshape the landscape of local television broadcasting, the Federal Communications Commission (FCC) is actively considering revisions to its longstanding ownership rules, potentially allowing media companies to own more stations in the same market, including affiliates of major networks like ABC, CBS, FOX, and NBC. This review, part of the agency’s mandated 2022/2023 Quadrennial Review, comes at a time when traditional broadcasters are grappling with fierce competition from online streaming services and digital platforms. As of late January 2026, the public comment period has closed, paving the way for the FCC to deliberate on potential changes that advocates say are essential for the survival of local news and programming.
With this review, the FCC is considering removing the rule that blocks one company from owning more than one of the big four networks of ABC, CBS, FOX, and NBC in a single market, according to the Wiley lawfirm. This could allow, for example, Nexstar to own multiple stations in a single market if it buys Tegna. This comes as Nexstar, Fox, and Sinclair have asked the FCC to remove ownership caps.
The Quadrennial Review, required every four years under Section 202(h) of the Telecommunications Act of 1996, tasks the FCC with evaluating whether its media ownership rules remain “necessary in the public interest” given evolving market dynamics. The process, which has been delayed for years, gained momentum when the FCC unanimously approved a Notice of Proposed Rulemaking (NPRM) on September 30, 2025. According to an alert from Wiley Rein LLP, a prominent communications law firm specializing in FCC matters, the NPRM focuses on three key rules: the Local Radio Ownership Rule, the Local Television Ownership Rule, and the Dual Network Rule. These regulations have long aimed to promote competition, localism (ensuring content reflects community needs), and viewpoint diversity in broadcasting.
At the heart of the discussion is the Local Television Ownership Rule, which currently limits a single entity to owning no more than two TV stations in the same Designated Market Area (DMA), provided their service contours do not overlap or if at least one station isn’t among the top four in audience ratings. However, a significant shift occurred in July 2025 when the U.S. Court of Appeals for the Eighth Circuit vacated the “Top Four Prohibition” in the case of Zimmer Radio of Mid-Missouri v. FCC, deeming it arbitrary and capricious. This ruling has already opened the door for potential consolidations among top-rated stations, and the NPRM seeks input on whether the entire rule should be retained, modified, or repealed to better serve consumers.
Wiley’s analysis highlights how the FCC is questioning the rule’s relevance in today’s video marketplace, where viewers increasingly turn to non-broadcast sources like Netflix, YouTube, and social media for content. The firm notes that the NPRM invites comments on defining the broader “video marketplace” to include online platforms, assessing how audience and advertiser migration to digital spaces affects local stations, and evaluating if common ownership could create economies of scale. For instance, allowing companies to own more stations might enable them to invest in better local news production, weather reporting, and community programming, thereby enhancing competition against tech giants. Critics, however, worry that further consolidation could reduce diverse viewpoints and lead to homogenized content, potentially harming smaller markets or minority-owned stations.
Particularly relevant to major network affiliates—ABC, CBS, FOX, and NBC—is the Dual Network Rule, which prohibits mergers among these “Big Four” networks. As explained by Wiley, the NPRM probes whether this rule still promotes competition and localism, or if marketplace changes, such as the rise of online video distribution, have rendered it obsolete. The FCC is seeking data on metrics like programming competition, advertising impacts, and consumer benefits from keeping the networks separate. There’s also inquiry into how streaming has altered network-affiliate relationships, potentially shifting bargaining power and affecting local viewers. While no immediate proposals target direct ownership of these affiliates beyond general consolidation, relaxing the rule could indirectly allow for larger media conglomerates to control more local outlets affiliated with these networks, raising stakes for national content distribution.
The rationale behind these potential changes, per Wiley’s alert, stems from the need to adapt to technological advancements and competitive pressures that traditional rules may now hinder. Broadcasters argue that outdated limits prevent them from scaling up to deliver public interest benefits, such as robust emergency alerts or investigative journalism. The Eighth Circuit’s decision further empowers the FCC to relax—rather than tighten—rules during this review, emphasizing repeal or modification options over new burdens.
Timelines have moved swiftly since the NPRM’s approval. The proposal was published in the Federal Register on November 17, 2025, triggering a comment period that closed on December 17, 2025, with reply comments due by January 16, 2026. Industry groups, including the National Association of Broadcasters (NAB), have pushed for significant deregulation, filing comments advocating for the complete repeal of local ownership caps, arguing they’ve been unchanged since 1996 and no longer reflect reality. For radio, this could mean lifting the cap of eight stations per market (five FM), but the spotlight remains on TV, where local affiliates of the Big Four play a critical role in delivering national programming with a local twist.
As the FCC reviews the influx of comments—now closed as of mid-January 2026—stakeholders anticipate a Report and Order later this year that could finalize changes. This comes amid broader FCC actions, such as clarifying foreign ownership rules in a separate January 29, 2026, meeting agenda item, signaling a push for modernization across the board. Supporters view it as a lifeline for local media, while opponents fear it could concentrate power in fewer hands, diminishing competition.
Wiley Rein LLP’s detailed breakdown of the NPRM has been instrumental in clarifying these complex proposals, providing insights into how they could empower broadcasters to thrive in a digital-first world. The outcome of this review will likely influence the future of local journalism and entertainment, balancing innovation with public interest safeguards. With the media ecosystem in flux, all eyes are on the FCC’s next steps.
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