MEDIA Act of 2003

Maintaining and Ensuring Diversity and Integrity on the Airwaves Act of 2003 or MEDIA Act of 2003 - Amends the Adminsitrative Procedures Act to prohibit a Federal agency from prescribing substantial and extensive revisions to its regulations unless the revised regulations have been published in proposed form to afford interested parties the opportunity to submit data, views, or arguments thereon.

Amends the: (1) Communications Act of 1934 to extend the interval for Federal Communication Commission (FCC) review of its regulations from every even-numbered year to every five years beginning with 2008; and (2) Telecommunications Act of 1996 to eliminate biennial FCC review of its rules concerning broadcast ownership.

Prohibits the FCC from taking any action to repeal or modify a regulation determined to be no longer necessary in the public interest unless the FCC: (1) has completed its 2003 report to Congress concerning a periodic review of regulations to eliminate telecommunications market entry barriers; (2) has included in such report an analysis of how any change in existing regulations is consistent with national policy and would affect such barriers; and (3) determines that such repeal or modification is consistent with the removal of such barriers as well as prescribed policies. Prohibits license transfers, pending completion of such requirements, with respect to television or radio stations the aggregate value of which exceeds $50 million when the party involved owns, operates, or controls another television or radio broadcast station.