"I'd seen a quip somewhere that it (KB) was pulling somewhat respectable ratings (for a music AM) and then after the switch to Progressive Talk, it tanked."
All pretty true. Only Mike Doyle would know whether KB as a classic hits station garnered enough ad revenue to put it in the black. Lots of things, from ratings to demos to the effectiveness of the sales department (and how thinly it's spread over a lot of stations) can affect that. We can say the Arbitron performance of the station was promising enough to show there was potential for profit, if not immediately, then not far down the line. KB as a talker had been buried in under-1-share territory as a satellite talker and business radio station before 2003. Even a brief fling with Howard Stern didn't budge it. As a personality classic hits station, IIRC, it nudged into the 2s about halfway through its run and showed particular strength in the drivetimes (where Danny Neaverth and Hank Nevins, and later, Jack Armstrong, were holding forth). This despite virtually no marketing and promotion--the station built a respectable cume and AQH purely by word of mouth.
If it had gotten even a modicum of marketing and promotional support, and a little more live local content (like afternoon news and traffic) it would have made an even more significant dent in the market and become a viable player in Buffalo like CFZM has in Toronto. Evidently Entercom decided that wasn't enough so they're back to a neglected satellite fed waste of 50,000 watts. It's not so much that progressive talk itself is the cause of the failure, any canned format on that signal would perform as badly or worse. It's lack of live local content and service, competing against other sister stations that do offer more of a full service menu, that keeps it down. The station is basically being run defensively, as a barrier to prevent any adult programming with teeth from providing an effective challenge to sister station WBEN's talk and sister station WGR's sports. It wouldn't be run that way if another company controlled at least one of the full market coverage AMs in the city.
KB is one of the best arguments for partial repeal of the Telecommunications Act of 1996 and replacement with laws that reduce the size of a company's maximum allowable cluster in a market. The pre-1996 rules would force Entercom to choose which two of its three full-market-coverage AMs to keep (my guess is it would choose WBEN and WGR) and which one to sell to someone else who could then try to make a go of it.
For everyone's good, what they should do is sell KB, accepting the fact that they've reduced it to little more than stick value and taking the money they'd get (which even at stick value would be in seven figures) to invest in their remaining properties. They can afford a calculated gamble that a new owner of the 1520 facility would make only limited competitive headway, but give Entercom a couple million in extracash for the dubious privilege of trying.