Do you have a source for that? Because Clear Channel, Cumulus, and CBS all made money last quarter.
And add in all the companies that have publicly available data, ranging from Townsquare to Saga to Salem and you have a generally profitable industry.
It's good to keep in mind that going back as 50's, per the annual FCC financial filings, about half of all US radio stations have always been unprofitable. But as an industry, radio is profitable, today, as always.