With that said, I ask again, why would the new owners keep the old managment team in place? If you don't learn from the past you are destined to repeat the same mistakes.
They're not going to make the same mistakes because they don't have the money or the power. That part has been taken out of their hands. Everything now has to go through the investors. However, no one knows the company better than these people. The investment folks who now own a big chunk don't know radio or the business. They just know they want their money. If you wipe out top management and bring in new folks, there's a whole re-education process that has to happen, and it takes a long time. I've seen it happen a lot. That re-education can be costly as a company tries to find its way out of bankruptcy.
Training people is also expensive, and if you have someone who is a bad apple anyway, it's probably better to just force them to do it all exactly as they have been, so that the knots can be untangled - and there is always someone or somebody paying attention, even if it does not seem that they understand how it all went down to take them down.