That's reckless homicide in CA and can be considered 2nd degree murder there if the wanton indifference, or gross negligence is willful or depraved. Notice their comments on the show. The act was the offering of the contest, which the defendants failed to consider any consequences in particular regarding the contestants, which is the important consideration. They only considered their own measly little assess, so they created the "waiver". In fact they refused to consider the consequences of their actions, either on their own, or when challenged, by at least one caller and then again when the woman got sick during the event.
I don't see 2nd degree murder as a stretch at all. The radio station is a business and they're required to consider and cover the particulars of what they're doing with due care, due notice of risk to the participants, and a cert of insurance for the event. Obviously there was no due care and in fact they simply admitted on the air that they didn't give a shit. They had waivers they said, and additionally indicated and implied with glee, that it was not there responsibility whatsoever. That makes the gross negligence willful and IMO depraved. I think a 2nd degree murder charge is appropriate and I think so would a jury of reasonable folks.
If I were on that jury I'm fairly sure I would see it the way you do. If the waiver she signed included a statement such as "I am aware that this contest could kill me", then that's an admission that the station and DJ's knew they were putting their contestants at risk of death, as they also stated during the show. Gross indifference to their safety and callous disregard of their lives, all for the sake of ratings. Disgusting! If they didn't tell them the risk to their lives it could be even worse. Either way, just losing their jobs is only the beginning of the penalties for them.
A young mother has lost her life and three children will have to grow up without her, so sad. I can't believe some of the cold-hearted, unsympathetic callousness shown by some replies on this thread.