IQ needs more than just ratings: It needs to be profitable. Ratings don't automatically equal profitability.
They are paying six figures for the right to carry Rush. I know: If they were playing music, they'd be paying royalties. I only make the point because some people think syndicated talk radio is free. Some is. The big players usually aren't. Also: Syndicated talk means fewer minutes per hour of local commercials, especially if you're going to run news/wx/traffic in the top and bottom of the hour breaks.
Talk radio on FM has been a mixed bag. Greater Media today trashed their FM talker in Boston for a music format. Sports talk seems to be appearing more on FM than general/conservative talk.
Merlin Media was initially launched to build a nationwide network of "updated FM News" stations. They're no longer pursuing that, having sold their NYC FM News station and changed the former Chicago FM News station to music without any DJs. They own two FMs in Chicago and operate a third. They're not chasing the Beck-Limbaugh-Hannity format in Chicago. All three Chicago stations are playing music. They're also not buying any more stations anywhere else in the country.
Just a hunch on my part, but I think this spells out that Randy Michaels' investors are no longer interested in pursuing radio. It's a tough business, and even someone with Michaels' resume can't always guarantee success. I think it's just a matter of time before all Merlin's stations are sold. Unless one other thing is happening: The investors are giving Michaels a chance to come up with a new group of investors who would buy the stations but still allow him to be in charge. They might be doing Michaels that courtesy. But if he can't find new investors, they won't wait forever before trying to sell the stations.
I don't think it's a slam dunk that CBS winds up with 106.9 in Philly either. I think they're a likely bidder, but they could have competition.