The problem for CC and all broadcasting conpanies for that matter is cash flow.
For a few decades ago corps were able to pick up licenses/smaller stations on the cheap. They would invest money (much subsidized BTW) in equipment, pick up Rush...hehehe... and suddenly the station they bought and fixed for $200k is worth a million!
Equity in real estate/equipment was the safety parachute.
Now the house of cards is collapsing. They believe the only way to ssve themselves is branding and promotion. Lame promotion.
Meanwhile a friend who tried several times to buy stations but always ran them into the ground or insisted on running programing that didn’t fit the area invested $400k into two good stations in D/FW. He insisted on running his own tradio instead of keeping a highly rated and money making noon to three show.
Equity was saving him and he was offered double his investment but said no. A year later he lost them.