The Commission shall, no later than October 30, 2005, revise section
76.66 of its regulations (47 CFR 76.66), concerning satellite broadcast signal carriage, to permit (at the next cycle of elections under section
325 of this title) a television broadcast station that is located in a local market into which a satellite carrier retransmits a television broadcast station pursuant to section
338 of this title, to elect, with respect to such satellite carrier, between retransmission consent pursuant to such section
325 of this title and mandatory carriage pursuant to section
338 of this title separately for each county within such station’s local market, if—