Broadcast License Renewal Act of 1987

Broadcast License Renewal Act of 1987 - Amends the Communications Act of 1934 to declare it to be the policy of the United States that, with respect to the grant or renewal of a broadcast license, the licensee has the responsibility to: (1) broadcast material responsive to matters of concern to residents of its service area; and (2) operate in compliance with provisions of such Act and Federal Communications Commission regulations. Directs the Commission to: (1) grant an application for license renewal if the applicant has met such responsibilities in the preceding license term; or (2) deny renewal or grant limited renewal if the applicant failed to meet such responsibilities.

Prohibits the Commission, in evaluating a licensee's performance in broadcasting material responsive to matters of public concern, from establishing or applying any requirement with respect to the broadcast of any specific subject or material. Directs the Commission to accept the licensee's judgment if found to be reasonable and made in good faith.

Prohibits the Commission, in determining whether to renew a license, from considering whether the public interest, convenience, and necessity might be served by granting a license to a competing applicant.

Directs the Commission to conduct an inquiry and prescribe any necessary regulations concerning any additional information that licensees should be required to maintain and make available to the public regarding the licensee's responsibility to broadcast material responsive to matters of public concern.

Makes it unlawful for a license applicant and any other person, while a license application is pending, to effectuate an agreement whereby the other person withdraws or withholds an informal objection or a petition to deny in exchange for the payment of any thing of value by, or on behalf of, the applicant.