WKRP was always an anachronism. The series was in production in the late 70s and early 80s but it reflected radio in the early 60s. When Mother Carlson wanted to flip to all news in the final episode, the writers should have let her. It would have been the only way the station could have survived.
If WKRP were still around it would either be automated and all syndicated (sports or talk) or brokered (preachers and infomercials). Mother Carlson would have sold out to Clear Channel (or another big owner) in late 90s when ownership caps game off. By then, the Big Guy would have been nearing retirement age anyway. Les would be reading news for four stations (but no farm reports). Herb would be selling siding.
Currently....
Johnny does voice tracking from his basement studio and hasn't left his house in 10 years.
His son, Razor, has a show on Comedy Central.
Venus is head of a cable TV network.
Mona was jailed for beating up and throwing the Rev Ed into a soda pop machine.
Jennifer married a European prince and lives abroad.
Bailey, after serving as mayor of Ann Arbor, MI, is now governor.
The Dornster Brothers are still climbing towers in Cincinnati.
Arthur Carlson, Jr. heads a private contractor security firm (part of Carlson Industries) in Iraq.
Andy's whereabouts are unknown.
Red Wigglers (the Cadillac of Worms) was purchased by Con-Agra and markets a line of soy snack products in the shape of worms, grubs, spiders and insects to kids.
Ferryman Funeral Homes was shut down under RICO statutes; Mr. Ferryman works in the prison furnace room.
The Pinedale Properties v. Carlson lawsuit remains unsettled.