9/15/2008--Reported to Senate amended. Media Ownership Act of 2007 - Amends the Telecommunications Act of 1996 to require the Federal Communications Commission (FCC), in changing any of its regulations related to broadcast ownership, to publish notice in the Federal Register for least 90 days, followed by at least 60 days for public comment, followed by at least 30 days to reply to comments. Applies those requirements to any any changes related to broadcast and newspaper ownership made after October 1, 2007. Requires the FCC, before voting on any change in broadcast and newspaper ownership rules made necessary by the decision of the U.S. Court of Appeals in Prometheus v. Federal Communications Commission, United States of America, to complete a separate rulemaking to promote the broadcast of local programming and content by broadcasters, including radio and television broadcast stations, and newspapers. Requires the FCC, before publishing a modification, revision, or amendment of its broadcast ownership rules, to: (1) complete a study on the overall impact of television station duopolies and newspaper-broadcast cross-ownership on the quantity and quality of local news, public affairs, local news media jobs, and local cultural programming at the market level; and (2) publish a proposed final rule at least 90 days before a vote, followed by at least 60 days for public comment, followed by at least 30 days to reply to comments. Requires the FCC to establish an independent panel on increasing the representation of women and minorities in broadcast media ownership and to act on the panel's recommendations before voting on any changes to its broadcast and newspaper ownership rules. Requires the FCC to provide the panel, before the panel makes any recommendation to the FCC: (1) a full census of the race and gender of individuals holding a controlling interest in broadcast stations; and (2) a study of the impact of media market concentration on the representation of women and minorities in the ownership of broadcast media