The FCC could relax its long-debated cross-ownership rules sooner than later, according to recent reports. The rule changes could be made to allow The Tribune Co. retain control of its newspaper and TV stations in Los Angeles and Chicago.

A spokesperson for the FCC told Bloomberg that Commission Chairman Julius Genachowski asked for a vote this week to "streamline and modernize" the media ownership rules. The proposal reportedly includes allowing common ownership of a daily newspaper and TV station in the 20 largest U.S. markets.

In a separate proposal, Genachowski has proposed allowing Tribune to continue holdings its five TV and newspaper combinations, according to Bloomberg's sources. Tribune currently holds these newspaper and stations under exceptions to a 1975 rule and has asked the FCC for approval as it emerges from bankruptcy.

The five members of the FCC could vote on Genachowski's proposal within days, without formally meeting in public. The waivers for the Tribune Co. would take effect as of tomorrow (November 16) as long as all five Commissioners approval and no vote is needed.