While Michael Powell is all a tizzy about Janet Jackson's nipple, and is going after Howard Stern as a result, the idea that entities with licenses to use the public spectrum to broadcast to that public should serve the public good had been dropped.
It's not Clear Channel's air frequency. The citizens of the United States own them.
Michael Powell maintains that if they are making a profit, then they are obviously serving the public good, because otherwise they would not get ratings and advertisers.
That must be a cold comfort to the folks in that small Midwestern town who could have gotten blown up because the Clear Channel stations in their area were automated, and no one could tell them of chemical tankers derailed in town.
The real question is not whether broadcasts and broadcasters are indecent, but whether they serve the common good of the community, and the automated conglomerate run stations run from a central location simply do not do so.