WASHINGTON, Oct. 28 (UPI) -- The Federal Communications Commission reportedly will end thousands of contracts giving cable companies exclusive service rights in U.S. apartment buildings.

The rule under consideration could stem the rising costs of cable and open markets across the United States to more competition, The New York Times (NYSE:NYT) reported.

At the same time, it would be seen as a victory for telecom giants Verizon Communications (NYSE:VZ) and AT&T, which have lobbied for the change -- with support from consumer groups, satellite TV providers and smaller rivals to large cable companies, the newspaper said.

FCC officials and consumer groups said the new rule -- which is set to be approved Wednesday -- could result in lower cable fees for millions of subscribers who live in apartment buildings.

Studies have indicated prices can drop by as much as 30 percent when a second cable company enters a market, the Times reported.

The new rule is expected to be particularly meaningful to low-income and minority subscribers, whose cable costs have risen about three times the rate of inflation over the last decade, the newspaper said.