The FCC needs to deregulate ASAP to help all in the radio industry. I was surprised to find talent at Morning Show Boot Camp sharing a very opposite viewpoint on this subject. They felt that consolidation in the 90’s and massive debt to own more stations have caused lower salaries and fewer jobs. No question — when you’re paying millions in interest on loans it becomes harder to invest in a business. However, I believe the next wave of consolidation will make radio stronger for everyone.
While we were all trained for years that the competitor is up or down the radio dial from us, that is simply not true anymore. Yes, your bonus is based on rank, share, or AQH persons. However, we all need to think about the bigger picture. If listeners leave for Spotify because they can’t find the music they want on the FM band, it’s a loss for radio.
Similarly, if people spend more time on YouTube for entertainment over local radio, it’s also a loss. Moreover, if Google or Meta offer a better plan to our biggest advertisers, we’re in trouble. The enemy is not another radio company — it’s a giant corporation looking to eat us for lunch. Therefore, if radio companies had a bigger presence in each market, they would be better equipped to fight that enemy.
Market Consolidation in Action
In the Fort Myers/Naples market, Beasley recently sold their stations to Sun and Fort Myers Broadcasting. These two locally based companies now own the top six stations in the market and employ live talent on those stations. In contrast, iHeartRadio — which invests heavily in New York, LA, and Chicago — ranks at the bottom of the market as #51 is not meaningful to them. Deregulation could bring more local companies back into broadcasting where they would make a meaningful difference in a market.
Let’s take a hypothetical situation if the ownership caps go away. In Minneapolis, iHeartRadio, Cumulus, Hubbard, and Audacy all compete for revenue and listeners. The three companies owning the least number of stations could combine in a world without limits. I’d pick Hubbard since this is their home market. Notably, they would be a much stronger company and better able to compete with iHeartRadio and Minnesota Public Radio, which has a huge following in Minneapolis.
Since they would now have the two Cumulus rock stations and the Audacy Jack format. They could eliminate one and launch a different format to sell in tandem with their other stations. Additionally, their sales team would rep half the stations in the market, giving them more leverage with advertisers and creating more talent endorsement revenue. A market with only two giant radio companies (and Public Radio) would be better equipped to take format chances and fight the flight to other media.
Lessons from the Past Deregulation
When the 90’s decade began, radio was struggling as companies could only own seven AM and FM stations in the country. Deregulation caused stations to increase in value and everyone did well — including talent. It could do the same today. Radio works for advertisers. If a seller could put together a media plan with over a half dozen stations and digital that reach a majority of a market’s population, that’s a win. In small markets, one owner makes sense. In medium and large markets, two owners is optimal.
I know that talent are skeptical because some of you have been treated poorly and had your jobs eliminated. But the leaders of broadcasting companies were handed the giant debts that their predecessors created. If the FCC creates an environment where there is an easier path to profitability and success, it would be a win for everyone — including talent.
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Jim Ryan is a Music Radio columnist for Barrett Media. In addition, he runs Jim Ryan Media LLC, a consulting company which assists major market radio brands and top talent including national radio personality Delilah. Prior to relaunching his consultancy in 2025, Jim spent 15 years with Audacy/CBS Radio, serving as SVP of Programming. Among his responsibilities included programming WNEW-FM and WCBS-FM. His career includes additional programming stops in Los Angeles, San Francisco, and Houston. Jim was voted the #2 PD of 2024 in Barrett Media’s Top 20 series in the AC category. He can be reached by email at Jim@JimRyanMedia.com.