There's good money in small market radio. Not every operator spent foolishly like the big guys did.
Why dilute their already limited audience?
Most small market stations have limited coverage and population in their area. HD radio coverage is much less then their analog. Less then one in a million radios in North America is an HD radio. Chances are no one will be listening.
Internet radio solves these problems by making small station content available worldwide to hundreds of millions of potential listeners.
The top rated internet stations have millions of listeners, most small market over the air stations don't.
A solution for small market FM's and even a replacement for adjacent channel HD radio could be FMeXtra.