I think I've mentioned it before, but, though I don't have access to the figures, I'd have to think Alt 103.7 is probably making a small profit simply because operating costs are next to nothing. It doesn't have to perform well relative to its past or to the other stations in the market to be profitable. I also wouldn't be surprised if some of Audacy's thinking is that KEGL's audience might be tappable with it adding more talk and sports programming.
The funny thing is we remember The Edge's heyday as when it was on 94.5, and, in many ways, it was. However, it was about two weeks from being extinguished in 1992. KEGL had just dropped its Rock 40 format to go full-blown rock, and KDGE hired its general manager as well as Fast Eddie Coyle after KEGL purged its staff. The story I had heard was that it was preparing to go CHR only to get blindsided by Gannett pulling the trigger on KOAI 106.1 and launching 106.1 Kiss FM. It decided its signal couldn't compete with Kiss and kept plugging away at modern rock. It mostly lucked into already running the format when it really started catching on. It was a poor performer early in its run, and its original owner went broke trying to make it work.