Local News and Broadcast Media Preservation Act of 2024

S 4291, the Local News and Broadcast Media Preservation Act of 2024, removes federal restrictions on media ownership. It repeals FCC rules limiting how many radio or TV stations a single entity can own or control, and eliminates bans on owning both daily newspapers and broadcast stations. The bill also amends antitrust law to exclude media market share from competition analysis and creates a 4-year safe harbor allowing news organizations (meeting specific criteria) to collectively negotiate with large online platforms over content distribution terms. This directly affects media companies, online distributors like social media platforms, and the structure of local news media ownership.