Speaking at the ISBA conference in London, Vaizey said the Tories are keen to free up companies such as ITV to compete.
He supported the concerns of Rupert Howell, ITV's managing director for brand and commercial, about the CRR and said ITV is labouring under a set of regulations.
The shadow culture secretary Jeremy Hunt hinted to the Financial Times that the Conservatives would move swiftly to revoke the Competition Commission's oversight of CRR and begin the process of removing the regime.
The CRR was introduced in 2003 as a competition remedy to allow the merger of Carlton and Granada to create ITV plc.
However, the UK advertisers' trade body has said the Tories' idea is an unwarranted abuse of and interference in a well-established regulatory process.