Duplexing of two stations onto one tower is accomplished by a network of band pass and band reject filters. Both transmitters are not just connected directly to the tower!! WFAN would have a 880 band REJECT filter in their line to prevent WCBS from blasting back into their transmitter, and WCBS would have a 660 band REJECT filter in theirs to block WFAN. The antenna current meter would be after the stations ATU (band pass and matching network) and the reject filter so it would only be measuring the desired stations base current. Band reject filters blocks the specified frequency but is transparent to frequencies outside the filter range. Band pass filters are just the opposite.
Your example is pretty straight forward. But consider Hawaii where land is not only expensive, but scarce for an AM tower. They have a couple of towers with several stations on them. Consider that EACH station must have a reject filter for EACH OTHER station on the tower. I have seen this RF nightmare at the old KIKI tower (now gone) and the KKUA Kewalo Basin tower. Both were built by Alan Roycroft, now deceased, I believe.