The reality is the companies bidding on Cox are not in radio. Scripps just sold all of their radio stations, so they're not going to go back into radio. Tegna and Hearst don't own radio. So radio will likely be spun off to a different company or companies.
And there has been considerable discussion of the radio group being spun off separately.
We are getting to the point where it looks like the only TV based operator of a large group of radio stations is going to be Univision.