To deal with some points raised here:
The importance given to Radio X by someone here (were they suggesting that it be merged with Heart? That is even more absurd, but I can't bring myself to read that post any further) was, as someone else said, ludicrous - but worse than that, it is a sign of the creepy racism that is so endemic in anorak culture (even Radio 3 plays more "music of black origin"). The style of music it features has been, in terms of the singles chart, on retreat to the margins for over a decade, and the music played on Capital Xtra now has a far bigger share of the pie - this was already the case when the latter station launched, but of course it had a different format then and much of the music played was EDM, whereas now there are no barriers at all to having a national commercial station with its current playlist. Even in the album chart, even a band as big as The 1975 drop away PDQ.
I would agree without argument that, in the economy we have developed, nothing but the current ITV could work - STV is a special case because of the strength of the pro-independence movement, without which it would have been taken over years ago (I had a weird moment of serendipity some years ago when travelling through Devon on a pilgrimage to Henry Williamson's old home at Georgeham - going through one particular village I did momentarily think "you could almost imagine that TSW could still exist", then immediately saw a row of houses all of which had dishes and very quickly was reminded of a huge part of the reason why it couldn't). The vexed question is: could it have survived had the technology still evolved but we had retained different economics, say in the event of a Tory victory in February 1974 ironically making Britain far more Left-wing and Europhile in later years, or whatever would have followed British defeat in the Falklands? How a surviving post-war consensus, or something to its Left even, would have coped with the technology which has been one of the driving forces behind deregulation and media saturation is one of my great fascinations. I think the world being evoked in this piece -
http://www.conservativehome.com/thecolumnists/2014/02/from-lewis_baston.html - which I would have loved but the readership being aimed at clearly would have hated, conceivably would have had a publicly-owned monopoly ISP and most likely would have protected BSB far more; note the implication in the intro re. the press.
So this is really all about counterfactuals, and whether or not a much more Left-wing economic consensus could have survived the technological changes without collapsing anyway, just at a later stage, because of them.
re. Riaz above: obviously Wolverhampton (since you mention it) will have a more parochial and fearful culture among the older white population because of the strength and scale of its vote for Brexit & Boris, but of course it does have a younger and more diverse population who easily could get played by Kenny Allstar and the like, in a way that areas such as I live in - whose population has grown largely because of white flight from the West Midlands conurbation - do not have in the same way, although of course the young people here do listen to and feel the music on a greater scale than even five years ago.