Any station that occupies a commercial frequency (i.e. any AM station, any FM on 92.1 or above, or any TV station on a non-reserved channel) can go from commercial to non-commercial and back again anytime a new owner wants, unless the owner itself is a noncommercial educational entity, in which case it has to either spin it off to a for-profit subsidiary and then pay taxes on whatever profit the for-profit station generates, or sell it outright.
WNED could sell its radio properties to anyone, who in turn could commercialize them--or they could spin them off to a for-profit subsidiary still under their control and run them as commercial stations, as long as they paid taxes like any business owner on whatever bottom-line profit resulted. WNED DID sell its other TV channel, WNEQ, to commercial interests who turned it into CW affiliate WNLO as part of a duopoly with WIVB. They had to flip the market's noncomm reservation from Channel 23 to Channel 17 (which had previously been occupied by a commercial NBC O&O before the Peacock donated the license to them in 1959) but that wasn't hard since the market still kept its one noncomm reservation and lost nothing.