I am not sure anyone's rates are where they should be these days, in part due to the fact that this market is oversaturated. Back in "the day" there were maybe 4-5 key players...now we have 3WZ, Joe, The Bus, B94.5, WOWY, Qwk, Majic, G101, Froggy, WRSC, WMAJ, WBLF....and sorry if I missed anyone else. And let's not forget about Ipods and Satellite Radio which we have to contend with. Fact is, the population has not skyrocketed yet the # of choices has nearly doubled (in part due to Forever bringing outside signals into the area like they did with Majic). Seems to me we are reaching a point where many stations are destined to fail due to the pie being cut too thin and the fact that there are only so many mass appeal formats to go around in the first place in a market this size.
Perhaps the real Majic is watching the audience and the ad revenue disappear???
(Probably does not help either that formatically Majic is a mess. I have heard Jack stations before and while I am not a huge fan of the format, there are those that are executed well and those that are not and sadly, Majic is not. Wanna hear a good one, dial up Pittsburgh's Bob-FM perhaps?)