As Big A, David, and other insiders have pointed out, the issue with Alt is that there isn't a dominant sound as of now. In the 80s, it was New Wave. In the 90s, it was Grunge. My personal take is that Alternative in its purest form isn't a corporate friendly format. It's strongest appeal in the 80s and 90s was on stations that had smaller (independent) owners. It's a genre that's meant to appeal to the younger crowd and go against the system. Bands like Nirvana got their big break on small stations like WFNX in Boston.As for news, 92.3 seems like a safer bet than 94.7 for a flip - Alt is a fad format that's quickly running out of steam. I don't think Alt on 92.3 has a year left, personally.
Today's radio ownership structure doesn't fit with that idea of Alternative. I see the same with Rock and Rap/Hip-Hop. What helps Rap/Hip-Hop is that it's rhythmic centric. The yong generation of today rather hear beats to a guitar solo, much to a disagreement with my personal taste. Pop and Country are more the corporate friendly formats (today). Obviously the Wayland Jennings outlaw country of its time, wasn't.