According to one embodiment, during mixing of an N-channel input signal to generate an M-channel output signal, in at least one frequency sub-band, magnitude equalization is applied to the mixed channel signals such that an amplitude sum magnitude for the N input channels (e.g., the magnitude of a sum of estimated amplitudes of the N input channels) is approximately equal to an amplitude sum magnitude for the M output channels (e.g., the magnitude of a sum of estimated amplitudes of the M output channels). In one implementation, magnitude equalization is applied to one or more sub-bands (e.g., those below 1 kHz), and power equalization is applied to one or more other sub-bands (e.g., those above 1 kHz) to reduce coloration effects in the output signal.