Got back from a Canadian conference on sales. In 2001 Canadian radio was in trouble. They had spent much on HD and it wasn't working and revenues were down. Canadian broadcasters dumped HD for the most part, dumped web initiatives and focused on their core business. They added talent in a down economy and guess what: they have had growing revenues since 2001. In a horrid economic year in Canada this year radio revenue is up 3%. Yes they have fewer stations but the lesson is you can't cut your way to prosperity. Stations that use this time to refocus will win long-term. Those who cut or simulcast or automate will eventually lose the dollars in the advertising community. Ratings count, but localism counts even more. There is a reason stations that aren't in the top ten 25-54 like KIRO or KOMO continue to be among the top revenue stations in the market (not including sports)