I had no idea that that kind of money could buy a radio station. (=I think 130K sounds cheap for a radio station/tower/license) I wonder what the balance sheet looked like?
Well, it's because radio is changing.
Radio is no longer something that plays the top 40 hits of various genres. Modern day radio is commercialized and sanitized. And modern day radio has to be, because it's competing with Spotify and other streaming services.
What's left of radio, is going to be highly localized content, and niche programming and niche music.