(Updates with the FCC report throughout)

The Federal Communications Commission said Wednesday it will vote on Aug. 6 on a proposed order to repeal its 39% national television ownership cap and replace it with a case-by-case review process for broadcast transactions.

The proposal would allow the FCC to approve transactions that serve the public interest while rejecting those that do not, replacing the current nationwide audience reach limit with individualized reviews.

The FCC said the current 39% cap no longer reflects today's media marketplace and that a case-by-case approach would better allow it to evaluate transactions based on the public interest.