Things are tough all over. Townsquare operates in smaller markets, and their digital business makes more than their broadcasting business, Everybody is looking to cut costs. Saga has been an example of a profitable radio company, and even they are showing signs of financial trouble,
Saga’s Digital Gains Offset Broadcast Dip.
Saga Communications’ third-quarter results reflected both the short-term cost of a major music licensing settlement and the long-term promise of its accelerating digital shift. CFO Sam Bush and CEO Chris
I would question the concept of any kind of radio being "profitable." Non-commercial radio was being propped up by federal money. Now with that being pulled back, you're seeing a broad range on non-commercial stations cutting at least 10% of its staff. More colleges are looking to get out of the radio business because the expense is greater than the benefits.