Would new regulations be justified to break up larger radio groups and make radio more local?

I think new regulations would be a way to help local radio stations stay in business. Many radio groups such as Clear Channel, Cumulus Broadcasting and Citadel Communications own a very large portion of radio ownership. With the 1996 Telecommunications Act which deregulated the ownership of radio stations. Now these big companies, who want national coverage, take over smaller radio stations.
I think these companies only really care about the money and adverting side of things. They do not think about the community at large. When they broadcast for example starting out in New York, where there is more diversity and culture versus Nashville, where all people may want to listen to is country, they lose revenue in their own business while taking business away from local advertisers. But they seem not to care, as long as the stations are being played national and so are their commercials. Radio stations that are O & O’s, people who own and operate their station, know their audience better then a big company. Because those stations are local, they would know what their community wants. I think it would completely fine for radio to be owned locally. There would be less monopolies in the radio industry and would give back to communities. By having companies like Clear Channel, radio stations who are owned by them lose the culture and diversity from a local radio station.