Diversity in Media Act of 1995

Diversity in Media Act of 1995 - Amends the Communications Act of 1934 to require holders of mass communications licenses to submit to the Federal Communications Commission (FCC) an annual report describing the proportion of ownership and control of such licenses that is held by minorities and women.

Outlines situations under which the FCC may award a communications license to a party on the basis of increasing diversification of media ownership or promotion of the public interest. Provides either demerits or credits to license applicants based on their history of minority and women ownership and control.

Requires the FCC to issue a tax certificate for assignment of a license or transfer of control of a corporate licensee for a broadcast, common carrier, private radio, or other telecommunications facility to an assignee or transferee owned or controlled by members of a minority or women if such action is consistent with increasing the participation of minorities and women as employees or owners of telecommunications facilities.

Prohibits discrimination in employment by: (1) licensees of commercially operated or public broadcast stations or networks; (2) common carriers; (3) satellite operators; and (4) the headquarters of any of these entities. Establishes a program within such entities to ensure equal employment policies, including the filing with the FCC of an equal employment opportunity program by applicants for a construction permit, assignment of a license, transfer of control, or license renewal.

Requires: (1) reports to the FCC by covered entities concerning equal opportunity programs of the entities; and (2) reports to the Congress by the FCC on women and minority participation as employees and owners of telecommunications facilities.