Maybe. Things have been fairly stable in the past 8 years, in terms of broadcast value and revenues. The problem with this particular station was three down years, with a money-losing format. The quality of the signal isn't the problem, but the owners didn't maximize their value. To that end, they got about $5 million for it. I'd argue that was on the low side of what it actually was worth.
First of all, Brown is only a stake-holder, not the full owner of the signal. The station is owned by non-profit Brown Broadcast Services. The university wanted to hold on to the signal. The students and board members did not. Perhaps they see things as you do, that broadcasting is a declining business, so get the cash while you can. My view is the BBS could have negotiated a better deal to keep students involved with the station in a way that would be educational. But it's likely that EMF wouldn't pay as much under those circumstances. So now instead of having one of a few broadcast stations, they will be one of a billion online stations. How valuable will that experience be for the students? And how many students will chose to listen to a student run online station, when there are infinite choices of more professional options available? We'll see.
Under the LMA, WYBC-FM has become a very successful, tight-sounding Urban AC. Of course, it is 100 percent professional now. Could WBRU have increased its value by moving away from rock, a fragmented genre in decline among younger listeners, and trying to find a rhythmic/urban niche to serve while still maintaining some responsibilities for Brown students?