Communications Cross Ownership Act of 1981

Communications Cross-Ownership Act of 1981 - Amends the Communications Act of 1934 to prohibit the Federal Communications Commission (FCC) from granting a commercial broadcasting station license to any applicant who owns, controls, or operates a daily newspaper if the station's signal will encompass the community in which such newspaper is published.

Requires any person who controls a commercial broadcasting station licensed by the FCC and who subsequently controls a daily newspaper which is published in the same community to dispose of any interest in such newspaper by a specified date.

Prohibits the FCC from renewing any commercial broadcasting station license for a term ending after June 1, 1980, if the licensee involved: (1) controls the only commercial radio or television station whose signal encompasses the community required to be served under the license; and (2) controls the only daily newspaper published in the community. Exempts a radio station licensee from such prohibition if a commercial television station not owned by such licensee serves the same community.

Makes a licensee who controls a daily newspaper in the same community eligible for license renewal without relinquishing the station or the newspaper if the newspaper is not the only daily newspaper in the community. Prohibits any such licensee from disposing of the station license and the daily newspaper to the same person. Exempts from such prohibition a disposition made in connection with an estate which would not result in any new commonly controlled stations and daily newspapers or a disposition constituting a technical change which does not affect significantly the ownership or control of such station.

Grants the FCC the authority to waive any requirement relating to commonly controlled commercial broadcasting stations and daily newspapers.

Denies the FCC the authority in any application for a commercial broadcasting station license renewal to consider: (1) any ownership interest held by the renewal applicant in any other broadcasting station or in any nonbroadcasting communications medium; or (2) the extent to which any station owner participates in the daily operation of the station involved.

States that this Act does not affect the applicability or enforcement of Federal antitrust laws.

Prohibits this Act from affecting proceedings pending before the FCC or commenced in the courts before September 10, 1980.