Mmm, a low bitrate AAC stream does not seem really expensive to me. Sorry, a radiostation without streaming these days is a 'no go'.
The format is not "unsellable". But its sales prospects are limited to mostly local direct accounts. The smaller the market, the better the chance of doing well with this kind of format as the agency revenue in those markets is proportionally small.
The Me-TV 'brand' itself might have some awareness locally if the TV affiliate of choice regularly promotes the channel or its shows.