I've actually been in this situation; here's the scenario.. You purchase a station with pretty good ratings, maybe even the market leader in demo or revenue. Then something changes such as PPM turns the game board upside down. Adding insult to injury, the valuation of the property was based on the X times cash flow that the station brought in during the good times. Now not only did the value slide because of the new measurement system, the entire advertising and economic climate goes cold within months of each other.
The previous owner, in the honest interest to protect that leading stance at the time, does multi-year contracts with the existing talent. Now we're not privy to what the previous owner wrote into the agreements, but even if there were performance clauses, we also don't know what any trigger points were in those agreements. To simply brush it off and say "eat a paltry sum" is, to say the least, not a rational statement. I'll guarantee that if you were having to write a check for potentially millions of dollars while your business is down 30%, you wouldn't be jumping into rash decisions.
Of course even my statements are simplistic for this audience, but here is the third major issue at stake; assuming you could change the talent line-up, there isn't a way on God's green earth that during these economic times could a station anywhere replace 75% of their revenue producing talent line-up all at once, let alone the massive amount of investment required with promotion alone in making the change.
So the options are: 1- sit tight and get a year of data until the advertising market stops struggling with a known commodity. 2- Start making wild speculative changes based on panic and risk really losing it. 3- While the economy remains slow, keep expenses low while looking at options, performing research to make the best call so when the economy turns around, you'll be ready to capitalize on the research and analysis. I'd take option 3 any day.
But in the meantime, the programming folks at KIRO can at least make small corrections in the interest of shoring-up their presentation while looking at the options.
Now if you'll excuse me, I need to find a solid colored tie for work today since it's raining.