In 1996, Congress passed the Telecommunications Act which increased the proportion of the national television audience a media company could reach to 35%. Seven years later, the FCC further deregulated ownership, increasing the proportion of audience a media company could reach to 45%. This change also allowed crossownership of media outlets in larger local markets. This paper will research how media ownership groups have changed by documenting the acquisitions and sales of four of the largest media companies in comparison to four smaller ownership groups. It will also discuss what effects those changes have had on ownership diversity. This thesis will answer the following question: has media ownership become less diverse since the 2003 Biennial Review of the 1996 Telecommunications Act?