They've fought off bigger competitors before (Love 98 and Spirit 102.3).
While I have no doubt KXOJ will be just fine, it is perhaps worth clarifying that the way it looks from here:
The owner of Love 98 was made a financial offer he just couldn't refuse
Spirit 102.3 made almost, but not quite, enough money for Cox to keep 'em going.
I know several disgruntled current KXOJ listeners who were Spirit listeners and felt their 102.3 was better. Several people isn't a 6-county survey, but I still suspect they aren't the only ones. At least in the ratings, I think Spirit WAS hurting KXOJ... to the benefit of KRAV.