This study examines the factors that affect the value of radio station audiences, with an emphasis on whether, and to what extent, minority composition affects the value of radio audiences. The results indicate that the prominence of minorities (both African-American and Hispanic) is negatively related to the value of radio station audiences. These results suggest that policymakers seeking to promote source and content diversity may need to look beyond seeking means of promoting the establishment of new minority media outlets and also consider means of preserving the viability of existing media outlets.