I still think there is a place for AM particularly in locales where there are no more available channels on the FM band.
There are two examples I'm thinking about that might be what you're talking about. One is Good Karma Brands, that is running ESPN Radio with a lot of local content and exclusive play by play on AM stations in LA and Chicago. Starting next summer, they will be doing the same only on an AM in NYC. The CEO of the company feels he can use streaming to satisfy his clients. We'll see.
The other one is Latino Media Networks, that bought a bunch of AMs from Univision, and is looking to make an impression with Hispanic programming on AM with streaming and other digital content. Can good content win over bad technology? Once again, we'll see.