Diversification in Broadcast Ownership Act of 1986

Diversification in Broadcast Ownership Act of 1986 - Amends the Communications Act of 1934 to require the Federal Communications Commission to grant enhancement credits to any broadcast station license or construction permit applicant in which the majority interest is owned by women or members of a minority group, except when such license or permit is to be granted through a system of random selection.

Prohibits the Commission from prescribing any rule, regulation, or policy with respect to distress sales of broadcast stations to a minority-controlled entity or with respect to Commission certifications concerning the sale or exchange of property necessary to effectuate Commission policies if such rule, regulation, or policy fails to comply with the Statement of Policy on Minority Ownership of Broadcast Facilities published by the Commission on May 25, 1978. Directs the Commission to prescribe rules to treat applicants controlled by women as minority-controlled applicants for purposes of such provisions.