You totally, completely miss the point. Radio stations rent out their listening audience. That much is obvious. The bigger the audience, the more money they make renting it out. Again, obvious. "Programming" is the bait stations use to attract and keep listeners. Better "bait" means a bigger audience which means more money to make from advertisers. So, any suit who doesn't pay attention to what his station is doing to attract and retain listeners, who are the product he is selling to advertisers, is an idiot.
To make more money renting out your audience, you have to get a bigger audience. Since there is a finite number of listeners out there, to get someone to listen to your station, you have to get him to stop listening to some other station. Therefore, your program content needs to be more appealing than your competitors' content. If your programming is great, top-notch and excellent, but your competition's programming is even greater, you lose. If your content sucks, but your competitor sucks even worse, you win.