If Field had not bought the on-decline "nowhere to go but down group of CBS stations, it is quite possible that Entercom would have been a survivor due to low debt, a good array of stations and good billing.
That's not the point. Field did what he did, and got the results that he got. Pittman hasn't made any major station purchases since becoming CEO. What he's done is kept radio expenses stable and maintain cash flow. His real focus has been on building a digital business, which he's done better than anyone else in radio. It may not be profitable, but it's growing, and that's what investors want to see.
But there was not enough effort to do things like creating national formats... which has been the saviour of radio in many other countries.
Because there's less money in national formats than in large market local radio. He knows that's true because he owns a national platform called Premiere. He has more national penetration than anyone using syndication, which saves him the cost of owning even more boat-anchor radio stations. Truely national radio won't work in this country because it's too big and too diverse. He's not going to get Bobby Bones or a country format cleared in NY, Chicago, or LA.