Let's look at this from a couple other angles -
WIBC's audience has been strongest at 55+ for decades, and they drive a lot of revenue. Even the more to the FM dial hasn't dramatically changed the demo's of this station, try as they must. BUT, they still drive a lot of billing. [they struggle at times with agency business]
NPR stations are growing old as well - here's a quote from a story recently reported on this site at Taylor on Radio: "George Bailey (a T-R-I reader) says listening for public radio 'has long been dominated by highly-educated baby boomers,' and that Garrison Keillor’s observation about seeing more gray heads in the Prairie Home Companion live audience is right-on. That carries some implications...“Life stage NPR News graph covers the years 1997-2009 and shows the median age of the audience getting older, from 46 to 52. The percentage of those employed is getting smaller. (“For NPR News station listeners, retirement is top of mind.”)” Now, that said, do you really think NPR will dramatically alter it's programming to 'get younger.' Non-comm radio or not, the broadcaster still needs the revenue to survive, and NPR stations, while they go at it a different way, still drive revenue pretty well too. [no agency business at all to speak of]
I really believe programming cannot fix bad sales - but good sales can drive revenue with just about any programming, as long as it's of decent quality, presented with decent technology infastructure [signal is engineered to be as good as possible], is unique, and builds a brand with a loyal base [not necessarily the largest base]. Oh, and I said revenue, not agency business. Here I would simply point again to the argument I've made on this board before - good sales and revenue doesn't necessarily mean good agency business. WBRI-AM is very profitable, with power ratios far exceeding anyone else in the market, airing programming most folks cannot listen to. The same thing could be said about the Hispanic stations, the sports stations [to a degree, though they depend too much on agency business from cluster packaging] Radio Disney, etc.
If an Oldies station sales staff knows what they're doing, and isn't dependent on agency busness, they will be successfull. If this station drives revenues 50% - 50% agency vs. direct, and gets say $1.5mil in agency business, and another $1.5mil on their own [which are VERY reasonable goals], that's a $3mil property - I'm certain Entercom would be thrilled to see that kind of billing right now.