It should be mentioned that most radio stations are poorly run managed even worse and have terrible/marginal employees from top to bottom.Especially at the top.
It's rare to find one that is well run.
Some of the big city stations are better but do dumb stuff all the time.
When the FCC told clear channel to divest themselves of hundreds of stations because they had a monopoly that changed everything as well.
I -heart radio/clear channel is a lot like X-finity/comcast. These are companies whose original names had such a poor, bad, terrible connotation/reputation that they had to literally reinvent themselves.
You are absolutely correct. The biggest cost to any station is talent and if you have numerous stations, the way to cut cost is to syndicate talent over numerous markets (Think Bob and Tom)
There were many good stations that were locally owned. The owners were hands-on, the talent was home-grown and the station actually was a factor in the community.
Unfortunately, when the FCC de-regulated ownership rules, radio evolved into what it has become today. I’ve seen station sell for 20 times book....there is no way you can make a profit when your costs are so high.
That’s what happened to Cumulus and Jacor/Clear Channel/I Heart Radio. I’ve seen the games owners play where a station flips formats and calls in a single day. The airstaff walks in the front door, are escorted to the GM’s office to give up their keys and pick up a severance check, then leave thru the back door.
But...I’d still like to be in a position to own a small/mid-market station. Rush will land on his feet. I suppose he could always go to Sirius/XM. Truth be known, however, I think he has to re-invent himself to stay relevant. His format is becoming a little tired.
But after 25 years at his pay grade...why bother?