I think it's more fundamental than that... I think this is a format that only old people care about, and the audience is literally dying out.
Well, it's mentioned even in my excerpt as a factor - maybe you missed it.
In regard to AM talk radio, one suspects a similar problem. Funeral homes, will-writing services, and RV dealerships likewise just aren't big enough to support a radio station.
Well, yeah but old people like old media so they are in better shape selling ads than, say, prime time is/was.
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