If you bothered to check into the investor:
His name's Bill Nguyen, and he's got a long & successful track record as an internet entrepreneur. He's started & sold 6 or 7 companies, selling one of them a while back for $850 million bucks (all this info is online). Operating a station like WOXY online will be tip money for the guy and should integrate nicely with his current venture, LaLa.com, which is a site where people trade CD's. That's right: trade CD's. Kinda like Netflix for music fans.
In short, everything this guy's touched has turned to gold & I think it'd be foolish to bet against him at this point. I think he's smart enough to realize the passion behind the WOXY audience. His experience & connections in the tech world should mean he's got the resources to put WOXY in front of people who've never heard of them before, and trhere's a reason people love them so passionately: they're good at what they do. It may not be your cup of tea. It's the art house of music, you get it or you don't.
Quit making excuses for terrestrial radio, anyone who wants an alternative has long since left. It sounds like you're a big fan of the status quo and see nothing wrong with the mainstream.
You keep thinking that... the future is niche, especially if you can afford it, and it sounds like this guy can.