Local Television Competition and Diversity Act of 1997

Local Television Competition and Diversity Act of 1997 - Amends the Communications Act of 1934 to direct the Federal Communications Commission not to prohibit a person or entity directly from owning, operating, or controlling, or from having a cognizable interest in, two television stations within the same television market if at least one of such stations is a UHF television station, unless the Commission determines that permitting such activities will significantly harm competition or the preservation of a diversity of media voices in such market.

Allows the Commission, in unusual and compelling circumstances, to permit a person or entity to own, operate, or control, or to have a cognizable interest in, two VHF television stations within the same television market if the applicant demonstrates that it will not significantly harm competition or the preservation of a diversity of media voices in that market.