The group of MPs and peers, headed up by Lord Puttnam, is understood to be in favour of scrapping the part of the communications bill that would relax media ownership laws, which prevent non-European Union companies from owning a UK terrestrial TV station.
The committee is expected to complete its report this week and be ready to publish its findings in a report to be published at the beginning of next month.
News Corporation is among a number of non-EU broadcasters, such as AOL Time Warner and Viacom, which are believed to be interested in buying into UK terrestrial TV.
However, the draft bill would not allow non-EU companies to take control of ITV, the UK's biggest terrestrial network.
The committee is also expected to recommend changes to proposals relating to the ownership of radio stations.
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