Current US media ownership rules have long been under fire from media companies, which complain that they are out-of-date and no longer serve the public interest.
The laws were introduced in 1975 as ownership of both a TV station and a newspaper in the same market was said to limit diversity of opinion. Around 40 TV and newspaper combinations exist in the US, which were in place before the law was changed.
The laws also limits the number of subscribers a cable operator can serve.
A change in the laws would be welcomed by media behemoths such as News Corporation and AOL Time Warner.
Earlier this year News Corp's Fox TV network acquired Chris-Craft Industries for $5bn (£3.4bn). The deal gave Fox 10 TV stations in markets such as New York, Pheonix and Los Angeles.
However, the deal meant that News Corp exceeded its media ownership limit. The company already owns daily tabloid the New York Post. The FCC ordered News Corp to sell of one of its two New York-area TV stations - WWOR-TV 9 and WNYW-TV5 - in order to comply with media-ownership laws.
The cable review comes on the heels of a March court ruling favouring AOL Time Warner. The court ruled that the FCC's prior ownership limits no longer applied to current market conditions.
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