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?
Exactly what happened to me. Years ago I hosted a three hour morning show on a 100k FM station.The show was mostly fishing and had been on the air since the 60's,over 40 years at the time. The station was sold the clear channel. The day they took over ownership they fired all of us went to satellite and changed the format to country. I went on to broadcast on numerous other stations but you never forget it when you are clear-channeled.