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In a contentious 3-2 vote, the FCC eased long-standing restrictions on ownership. The commission agreed Monday to allow broadcasters to buy more television stations and to let a company own newspapers and TV channels in the same city. See full story.

Pure-play television station owners moved higher Monday: Granite Broadcasting (GBTVK: news, chart, profile) rose 4.5 percent to $3, nearing its one-year high. Paxson Communications (PAX: news, chart, profile) rose 26 cents, or 4 percent, to $6.85. Sinclair Broadcast Group (SBGI: news, chart, profile) rose 50 cents to $12.65, up 4.4 percent; and Hearst-Argyle Television (HTV: news, chart, profile) rose 81 cents to $25.66.

Among newspaper publishers that also own television stations, E.W. Scripps Co. (SSP: news, chart, profile) rose to a 12-month high of $88.83, and was recently up 65 cents to $88.72. Gannett (GCI: news, chart, profile) stepped up 68 cents to $79.68 after reaching an intraday and 52-week high of $80. Media General (MEG: news, chart, profile) rose 16 cents to $59, and Belo Corp. (BLC: news, chart, profile) rose 34 cents to $23.73.

Among diversified conglomerates, Viacom (VIA.B: news, chart, profile) (VIA: news, chart, profile) rose 80 cents to $46.45, Rupert Murdoch's News Corp. (NWS: news, chart, profile) advanced 49 cents to $31.26, and General Electric (GE: news, chart, profile), parent of NBC, rose 40 cents to $29.10. Walt Disney Co. (DIS: news, chart, profile) rose 45 cents to $20.10.

The Commission actually tightened rules on radio ownership, limiting the number of stations that can be owned in a market. Still, radio stocks stepped higher. Cumulus Media (CMLS: news, chart, profile) rose $2.10, or 11.5 percent, to $20.13.

Clear Channel Communications (CCU: news, chart, profile) rose $1.55, or 4 percent, to $42.25. Emmis Communications (EMMS: news, chart, profile) picked up 99 cents to $22.17, a gain of nearly 5 percent. Cox Radio (CXR: news, chart, profile) rose 99 cents, or 4.3 percent, to $23.78. Radio One (ROIAK: news, chart, profile) (ROIA: news, chart, profile) advanced $1.19, or 7 percent, to $17.83, and Entercom Communications (ETM: news, chart, profile) rose $1.45, or 3 percent, to $50.

The two satellite radio companies also gained ground. XM Satellite Radio (XMSR: news, chart, profile) rose 96 cents to $12.18, up 9 percent, and Sirius Satellite Radio (SIRI: news, chart, profile) rose 38 cents, or 24 percent, to $1.98.

Cable TV stocks rallied Monday, though many cable operators oppose further deregulation of broadcasting.

Cox Communications (COX: news, chart, profile) rose $1.44, or 5 percent, to $32.42; Paul Allen's Charter Communications (CHTR: news, chart, profile) advanced 30 cents to $3.30, a gain of 10 percent; Mediacom Communications (MCCC: news, chart, profile) rose 53 cents, or 6 percent, to $9.88; and Comcast (CMCSK: news, chart, profile) rose 25 cents to $29.16.

Cablevision Systems (CVC: news, chart, profile) rose $2.29, or 12 percent, to $21.65 after the company said it's spinning off its satellite service, Rainbow DBS, together with its Clearview Cinemas theater chain. The transaction would be structured as a tax-free pro rata spin off to Cablevision shareholders by the end of the year.

The cable TV giant said it would fund the spinoff firm with up to $450 million at the time of the deal. Cablevision's board also approved an additional $114 million investment for Rainbow DBS for the balance of 2003.