We're all overlooking the simplest and potentially most revenue-optimal solution: infomercials.
Horrible and unthinkable, but right now in St. Louis NBC affiliate KSDK runs infomercials at 12:30 p.m. Monday-Friday. If that's the most lucrative revenue a network affiliate can come up with in midday, I'm sure advertisers will line up to purchase 30 or 60 minute infomercials after the late news.
Here's the trouble with infomercials, from a guy who worked at a station that lived on them for a few years:
Most are what are known as "per inquiry" spots. The sponsor figures out how many calls and orders it needs from a given station for its product to be profitable, and it prices its offer for the time accordingly.
Every month, the infomercial folks look to see if your station is making the phone ring enough times (the infomercials usually have a unique promo code to identify which stations' airing is responsible for the purchase).
If you're not making their magic number, one of two things happens: They leave, which means you have no money coming in for that half-hour, or they grind you on what they pay for the time to reduce the cost and make that level of inquiry profitable.
That's the first two months, if you're lucky.
Then---even if you're making the phones ring and the infos are profitable (which they won’t tell you) they grind you anyway because what's better than a profit? A bigger profit.
It becomes a race to the bottom.
Yeah, you can replace them (maybe), but that's expensive (someone has to hustle the business), and it also just starts the cycle all over again.