You can make that argument, and I 80%-90% agree with it. However, one could reasonably argue that the Telecommunications Act was a bailout for those who made foolish investments in stations in the 80’s. .
The 80's were a period where stations could be bought at reasonable multiples and paid off in even a weak economy.
What destroyed many markets was Docket 80-90 where so many markets found the number of viable FM facilities had increased by as much as double with no increase in market revenue.
A large percentage of stations was not profitable going back to the annual financial reports of the 50's and 60's. Docket 80-90 simply made things worse. Add in the consolidation of banks that had been going on for several decades and the ability to get "home town" financing for small stations became rather difficult.