News Corporation CEO Rupert Murdoch
News Corporation CEO Rupert Murdoch - 
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Lisa Napoli: A Senate committee voted Thursday to overturn a new FCC rule on media ownership. The rule allows media companies to own both a newspaper and one TV or radio station in the same market -- something many critics feel is too much consolidation. Ashley Milne-Tyte looks at whether the decision to ditch the rules could have any affect on a certain media mogul's plans.

Ashley Milne-Tyte: This is the latest sally in the war over consolidation in the media sector. The FCC is caught between broadcasters who say the rules are too limiting and those who say they go too far. John Eggerton of Broadcasting & Cable Magazine says it's a frustrating time for media companies considering an acquisition.

John Eggerton: The regulatory certainty that broadcasters were seeking in terms of what they could own is not going to be resolved any time soon.

That's particularly pertinent for Rupert Murdoch. He already owns several media outlets in the New York area. Now he's got his eye on Long Island's main newspaper.

Eggerton: What does come into play is if he buys Newsday, because if he buys Newsday, he has two TV stations in New York, and it would seem that they would need a waiver of FCC rules in order to be able to do that.

But Murdoch probably doesn't need to worry. Even if the House, like the Senate, votes to overturn the FCC's rules, Eggerton says the Administration is likely to veto their decision.

I'm Ashley Milne-Tyte for Marketplace.