Okay here's my two cents from an advertisers perspective. KOMO AM is solid property and adding the FM gained it some additional listeners. Now, if I'm an advertiser that wants to reach this type of audience, I buy KOMO and then go looking for more elsewhere. But what if KVI and KOMO BOTH offered news and talk in the same way that CNN, Headline News, MSNBC and FOX News offer different options and slants on what is a 'news/talk' product (when I buy cable I don't just buy one of the news channels, I buy several as a block). For example take KOMO to a 24 hours news operation and move the longer form in depth analysis (the rest of the story) with Carlson and Schram over to KVI? Or go the other way- more in depth on KOMO but then turn KVI into the 'headline news' channel (sure add some business reports, sports and traffic stuff) the 'give us 20 minutes we'll give you the world' idea? If could still do some girl power stuff at night to flank Tesh and counter program against mariners and sports on the other guys.
Point is, you FLANK your core channel, use same resources but mix it up and put it over two channels. Then you sell it as a combo- bigger audience overall. I would think it could be pretty powerful formula?