Wow, all those stations down and losing all that money! Somebody has some explaining to do.
Funny thing about consolidation, it actually helped to save quite a few stations. When you can be under the same roof, share staffs and such, you can afford to take on formats you might not have been able to do if you had to fully staff as you would need to do as a stand-alone. On the other hand, the big boys are public companies, so profits rule over formats just like in privately owned businesses and Moms and Pops. The difference, when ownership can afford to do so, is choose to keep a format even if they might pull a little more profit from another format. I see Consolidation as a mixed blessing. It is harder for the little guy to compete but it allowed many stations to survive that would have gone under without consolidation.