Media Ownership Reform Act of 2004 - Amends the Communications Act of 1934 to require a broadcast licensee to afford reasonable opportunity for the discussion of conflicting views on issues of public importance, consistent with the rules and policies of the Federal Communications Commission (FCC) in effect on January 1, 1987.
Prohibits the FCC from permitting any license for a commercial television broadcast station to be granted, transferred, or assigned to any party if such action would result in that party owning, operating, or controlling, or having a cognizable interest in: (1) stations which have an aggregate national audience reach exceeding 35 percent; or (2) such station and a cable television system whose service area overlaps with such commercial station's predicted Grade B contour. Requires any party currently having a license in excess of such limits to divest as necessary to comply with such limits within one year.
Directs the FCC to modify its regulations concerning ownership of national and local radio broadcast stations to place limitations on such ownership (such limitations varying depending on the number of stations in the local market area).
Declares invalid and without legal effect the final rules adopted by the FCC pursuant to its media ownership proceeding, and announced on June 2, 2003 (such rules providing specified media ownership deregulation). Reinstates the rules in effect prior to such rules.
Requires the FCC to: (1) conduct, every five years, a review process concerning media ownership; and (2) prescribe rules to prevent persons controlling the distribution of video programming over network distribution systems from acquiring unreasonable proportions of such programming from subsidiaries or affiliates.
Requires each broadcast licensee, at least every two years, to submit to the FCC, and publish, a report on how the station is meeting the requirement to serve the public interest.