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 minority-controlled broadcast stations 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 policy published by the Commission in its Statement of Policy on Minority Ownership of Broadcast Facilities on May 25, 1978.