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We present a new type of electro- and magneto-optical spatial light modulators (e-MOSLMs) utilizing the concept of photonic crystals (PCs) – such e-MOSLMs have a microcavity structure. They comprise a magneto-optical (MO) and electro-optical (EO) constituents that can control the direction of the polarization plane, when applying voltage and/or external magnetic fields. Optical spectra of e-MOSLMs were analyzed by using the matrix approach. Calculations showed that e-MOSLMs can change the direction of polarization over a considerably large range of angles at relatively low power consumption and with no significant change of the light intensity.