This paper examines how changes in radio station ownership have affected music variety and station listenership. A unique panel dataset of music radio airplay shows that a common owner of stations in the same local radio market and the same broad music category increases the degree of differentiation between these stations, consistent with only a common owner internalizing 'business stealing' effects. The implied effect on playlists is quite large and is not captured by changes in stations' formats. Common ownership of stations in the same category but different local markets results in, at most, a small degree of playlist homogenization. Panel data on station listenership provides further support for the business stealing explanation, as when stations in a local market become commonly owned their audiences tend to increase.