I agree, but I would add one more category. I see a lot of standalone AM stations and AM/FM combos being owned by seniors in their 70s, 80s or beyond that have the additional risk of ownership transition.
Many of these properties are likely to be orphaned if/when the owner who has shepherded them through the last 20 or 30 years decides to retire, or involuntarily retires.
For example, Sima Birach, the owner of a chain of brokered AMs, died recently, and it remains to be seen if his heirs will see a path to grow, divest, or stand firm on the business their father built.