Popping in long enough to provide a little background to assist in the discussion not going off on tangents, since I'm based in L.A. (in fact, I am a Southern California native).
KLOS is not owned by one of the big conglomerates. It was sold by Cumulus in 2019 to Meruelo Media, which is also the licensee for Power 106, KDAY, and Cali 93.9. They also own the channel 63 television station which carries mostly Spanish-language programming.
There is a paradox in play here. KLOS is the "odd man out" in terms of programming against the other three radio properties, but is also significantly higher in the ratings and presumably is pulling more ad revenue than the others. That said, I always question the wisdom in Meruelo buying KLOS from Cumulus and I honestly think they don't really know what to do with it. It is outside the culture of the rest of the company.
And it's Meruelo's casino business that pretty much props up the broadcast side of his empire. That said, if ownership rules relaxed enough for either iHeart or Audacy to buy KLOS, I suspect they would sell. KPWR and KLLI also have attractive signals and would be candidates for purchase offers.
However, my point is that, given what all the rest of their stations are doing -- even with lower ratings and lower revenue -- they "understand" those formats far better than they understand Classic Rock. And that is the real problem here.