The surest way to know what a government-issued license to operate on a public resource is worth is to put up all commercial radio licenses for auction and then see what each of those licenses fetch.Let me know when the government just hands KTRH almost $1M in a year, simply because they exist. Then we can have this side discussion.
This is how new commercial licenses are done; I've seen few arguments for applying this principle to existing licenses. The subsidy thus provided to commercial operators may be indirect, but it's there.