Sure enough, the worst fears of those holding Entercom shares for its huge dividend were realized today, as the company slashed the payout from 38 cents to 10.

That has the share price up over a dollar, a relief rally I predicted earlier this week:

If the dividend is cut, it could bring a temporary relief rally, but long term, the lower yield might make shares less attractive.

CEO David Field says excess cash will be used to repurchase shares, but the company made no specific buyback announcement today, which investors would ordinarily hope to see.

It also reported earnings, which beat the expectations of the few analysts still covering the beleaguered radio industry.

But the tiny figures also underscored what a bit player Entercom and other radio companies (outside of Clear Channel) have become on Wall Street. They are well into small cap territory and unlikely to break out of the basement anytime soon.

As long as Citadel is out there trading at $1.20 a share, Entercom will appear comparatively healthy. But playing this "we're not the worst company in radio" game of diminished expectations parallels Boston's talk radio scene, where a host's best defense is now that the competition is even worse.

How about striving for achievement and success? Why is that environment now absent from broadcasting?