The Federal Communications Commission voted to remove the 39% national ownership cap that had long limited local television broadcasters, according to a statement from Sinclair, Inc. (NASDAQ: SBGI).

Sinclair President and CEO Chris Ripley issued a statement welcoming the FCC's decision, saying the previous limit was set decades ago and no longer reflects the current media environment.

"Today's media landscape looks nothing like it did decades ago when the 39 percent limit was set by the FCC," Ripley said. "Updating these rules to reflect dramatic changes across the media industry will set the stage for local broadcasters to begin to compete on a more level playing field."

Sinclair owns, operates, or provides services to 178 television stations in 79 markets affiliated with major broadcast networks. The company also owns Tennis Channel and multicast networks including CHARGE, Comet, ROAR, and The Nest.