I don't believe that is the model. Many are leasing the signal to a 3rd party. The EMF model would not be able to follow this as they do not generate revenue except for national donations.
Companies have to pay an upfront licensing fee, (10K for full signal, 5k for LPFM) then pay a royalty fee every month to have the key for the required encryption on each HD subcarrier. (This is why you can't decode iBOC HD FM signals on an SDR amateur receiver or scanners etc).
Hope you are doing well.
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