With all due respect to DudeFan, the numbers just don't add up.
The staffing I outlined is already quite streamlined compared to what you'd find even now at a WCBS or WINS or KNX or WBZ. But let's say you cut it down even further - one field reporter per shift, for instance. And let's say you hire younger, less-experienced staffers and that you can pay them less in Columbia than you could in Boston or LA or Chicago, which is certainly true. You're still not going to get anchors you'd want to put on the air for less than $35k or $40k a year, times two per shift, times three shifts. That's $350,000 in salary a year just for anchors. Three editors (one per shift) at $30k a year is another $90,000. Three reporters at $25k a year is $75,000. Three writers at $25k a year is $75,000. So even before dealing with sports or traffic or weather - or nights or weekends - we're at nearly $600k a year in salaries just for the core of your news staff...which means close to a million bucks a year once you factor in the costs of providing benefits. And we still haven't bought a single piece of equipment, rented a studio facility, put gas in a news car or done a bit of promotion for our hypothetical station.
And remember, the cheaper you make your product, the harder it is to draw the massive cume you need to attract advertisers at the premium rates that the big all-newsers can charge...and the less you pay your people, the greater the likelihood that you'll lose them to bigger markets after a year or two on the job, which means you're spending more money now to hire and train new people. (Not as easy to do as it once was, since you no longer have the farm team of small-market newsrooms to draw from!)
But let's say, even so, that we can somehow do all that on the cheap, for total annual expenses of $1.5 million. In what scenario can you draw that much revenue out of the Columbia market for a single station, much less the $2 million or so you'd realistically need to derive even a modest profit margin?
I'm not intimately familiar with the financials of the Columbia market, but I have a hunch that there's not much more than $10 million in annual revenues for the whole market. The numbers just aren't there.