Kelly, there is another part of this story, maybe to call it the other side of the story would not be the best way to say it.
Yes, some of "the big boys" of American business had very well defined business interests driving their participation in the birth of broadcasting, but across the nation, the more rural parts and the smaller cities of America had their first stations because some family, some "tinkerer", some compulsive business man said: "I'm not sure what this radio-thing is going to become, but our community should have one.
People who owned the local funeral home were among the early licensees. Home town newspapers were among the early licensee. There was a scattering of small town bankers who got into the business. Some early radio stations operated out of the basement of churches. A number of young men came home from WWII and after seeing radio stations near some of the military bases where they served, said "Heck, I could do that, and my home town needs one.
My first job in radio was in 1956. I moved around a bit from station to station, and where ever I was, I would visit as many nearby radio stations as I could. My estimate of that era is that for every hard-driving, business-is-my-life, milk-every-dollar-you-can station owner, there were at least three more who almost looked at operating a radio station much the way a minister would look at pastoring a church: "This is what I do, this is my calling."
And out in what we today call "fly-over country".... the clients of radio stations, the people we sold advertising to, often looked at their hardware stores, their ladies ready-to-wear shop, their automobile repair garage in much the same way. "Yeah this business has been in my family for three generations now and it is my duty, my calling to see that it is good shape to pass along to MY children." Those advertisers and potential advertisers did not look with favor up folks who came to town, built or bought the radio station, and then set about to demonstrate: "The DOLLAR is MY god!"
Yes, there have been a lot more books written about the Sarnoffs and the Crosleys and the McClendons and the Storz and the people who built and nourished the national networks. But communications law and attitudes in the 1930s, 1940s, 1950s was also shaped by rural congressmen who came from families where they, too, were responsible for businesses that had been in their families for three or more generations.
Today we are a different nation. People who have MBA's have different dreams for their family and their business than did our grandfathers who never got past high school. Today in our political world there is a lot bellyaching about "revisionists" who are rewriting our history text books. It is very easy to rewrite the history of broadcasting.