Greater Media is a very profitable, debt-free company.
And Greater Media is run by Peter Smythe, considered one of the best corporate heads in the industry.
There are indeed situations where being the Top Dog is not as profitable as owning a unique niche. The niche is likely less likely to require high promotion costs, has lower staffing expenses and can thus have a larger margin than cost-intensive formats.
I recall the owner of a station I was hired to "fix" many years ago telling me, "I don't want to be first. It is too expensive and everyone comes after you! I just don't want to be last any more."