How can an 80-year-old law completely alter the future of television?

Television as we know it is changing at a ridiculous pace as more and more people transition to Internet-based alternatives to the cable and satellite providers that have dominated the scene for decades. Although not much has been seen of it on the media, the FCC is preparing to vote on a new ruling that could drastically change the content on these Internet-based alternatives thanks to an 80-year-old law.