Last night, I was at a graduation party. The host had his iPod hooked up to the stereo system, and music of his choice played throughout the house and the back yard, completely commercial - free and w/o the need to feed a CD changer or flip a record. It was great, and not a single person there cared or complained about any perceived lack of fidelity / audio quality. That same technology / capability is available to folks who drive cars. It is the very select and precious few who still use analog FM gear as a primary source for music, and you don't need great fidelity for AM or FM talk or news.
Its no secret that broadcast AM or FM content providers need listeners in relatively large numbers to support them, so they can sell airtime for commercials. Listenership has been dwindling for years on music - only channels. Talk radio sells content as well, and will only air content that attracts a significant listener base. No political commentary here, but talk radio stations and advertisers have found that what sells on the airwaves, or attracts a significant listener base to a particular station, is sports, center - right leaning political commentary / entertainment, or ethnic content. NPR has a relatively low market share. If it wasn't supported by taxpayers, it would not generate enough share to be commercially viable.
Conglomerate ownership is the only thing might allow musical content stations to be profitable. Some of them still aren't profitable on their own. They may break even at best. There are some exceptions, though, and some of these are doing OK, and others are hanging on by a thread.
I'd love it if someone smarter than me came up with a "game-changing" scenario that allowed FM- music stations to thrive. HD radio was one such hope, and I don't think it is creating a transcendent environment for FM...at least not yet.
So, support your favorite sources on the broadcast dial as best you can. Their days may be numbered.