^^
That won't work because the audio signals going to the speaker are AC, all diodes would do is rectify (break up) one half of the audio waveform causing extreme distortion.
The only good way to do this (short of someone offering a device specifically made for this purpose) is to use two 8-10 ohm resistors (one inline with the + speaker lead coming from each radio) going into an amplified speaker. If somewhat reduced volume can be tolerated, then you probably could forgo the amplifier part and just use a regular speaker.
A couple things that have to be watched out for is if one or both radios have a speaker output where both speaker leads are 'live' (fed by the unit's audio amplifier, much like many car audio system speakers are). In this case, you need to connect to the unit's chassis or PCB ground instead of the Ext SP OUT (-) terminal. This isn't very common in consumer-grade transceivers (ham & CB units for example), though it is fairly common on commercial-grade gear.
Then you have CB units that mute the speaker while transmitting by disconnecting the speaker's ground when the PTT button is pressed, which might not mute properly if there are connections being made to the speaker output that might bypass this feature.
As I think more & more about this, it just seems best to maintain separate speakers for each radio regardless of how technically savvy you are (I run separate speakers on all my gear). The probability of running into problems with a shared speaker setup of any type just seems too high to recommend it.