I have said this for a very long time just to many stations period across America that compete for listener ears. and hdradio stations compound the issue.
Mel's going to try and ride this current broadly based industry shake-out Thru to the end. the good news is he only needs enough cash to get thru another three years of rough sailing I don't think it will take three years I suspect once the process starts it will spread like a California wild-fire through the old broadcasting industry.
after the shake-out is under way maybe the wallstreet suits will honestly speak about the sdars system real advantage of reaching well into all markets across america.
but do keep your eye on clear channel they may be working on a national programing package of around twelve formats for delivery using the hdradio system.
the bad in all of this is, wall street also looks at sat-rad as part of the same broader radio industry.
I found this bit interesting via radio and records and it rings true imho
'Half Radio Companies Will Be Gone In 36 Months' Forecasts Dickey
Cumulus Media CEO Lew Dickey is calling for some pretty rough weather in Radioland. "I think there's going to be a pretty big shakeout and I think that half the companies in business today will be gone within 36 months," Dickey told the Atlanta Business Chronicle.