The plans, part of Clause 150 in the forthcoming bill, stops companies such as Carlton Communications and Granada from having first refusal to rebid when their terrestrial broadcasting licences come up for renewal.
Although the clause would not come into play until 2014, it would immediately affect the current value of the stations as they would become less attractive to investors over the longterm.
Loss of the rights could also turn off potential bidders for the companies. Channel 5, Carlton and Granada are all seen as potential takeover targets when media ownership rules are relaxed as part of the same communications bill.
ITV has already written to the government to explain how the clause would "fundamentally undermine the process of consolidation within ITV".
Meanwhile, Carlton chief executive Gerry Murphy has said that US companies should be allowed to bid for UK terrestrial broadcasters.
Murphy's comments come in the wake of a report by a media select committee headed up by Lord Puttnam, which calls for a delay in allowing non-EU companies taking stakes in UK terrestrial TV companies Channel 5 and ITV.
Murphy said: "The ideal that an American company, or German or Spanish one, would take over a British TV company and stuff the programmes with content that would be alien to a British audience is completely specious."
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