Willing to play the role of the contrarian once again here, those signals that were licensed as commercial going non commercial, while the companies divesting them retain other stations in the market gives me pause.
Yes, many markets are over-signaled. There's also 50 types of shampoo at my local drugstore. Those signals were licensed for commercial operation. If an existing operator sells to EMF and keeps other signals, they've effectively prevented the signal going to a competitor or upstart. It no longer functions in the commercial marketplace.
Which could be argued is contrary to the free market. If the FCC said there's X number of commercial signals in this market, and EMF converts one to non-comm, the seller has effectively protected themselves from competition with the FCC's blessing, contrary to the intent of licensing the signal as commercial in the first place. If the original intent were adhered to, a company would have to turn it in (returning it to a future auction) or sell to a smaller operator. Which theoretically, could have fit with the FCC's (at times stated) desire to see more minority and small business ownership.
I get where the business IS today. Just pointing out a different angle. It's become so interesting to me in studying all of this what we choose to protect and don't, both as a society and in government. TikTok content creators wanted government to "protect their jobs" in the name of free speech, but were more than willing to ride gleefully over the "old media" with no real thought about those jobs or empathy for those displaced. In this case, some of us broadcasters want government to help broadcast radio by loosening ownership rules, and are glad these conversions to NCE were allowed, but that also shrinks opportunities for other commercial broadcasters and people with different business models. Everything's a trade off, and if it's "good" depends very much on on which side of the desk one is on.