This chart was created before the series of smaller mergers that has added Cumulus Media to the ranks of the megaconglomerates. Most of Cumulus' growth came not by merging with multi-market operators, but instead by acquiring stations a handful at a time. Their merger with Citadel Broadcasting in 2011 was by far their biggest move, as Citadel had previously acquired the stations owned by ABC Radio in 2007 and most of those stations are now owned by Cumulus (they have, in recent years, spun off such stations as WABC/770 New York and KLOS/95.5 Los Angeles).
I also cannot help but note that even after the merger shown above that created what is now known as iHeart Media (Clear Channel) and even after they changed their corporate name, the individual station licenses remained in the name of the predecessor agencies until November 10, 2020. That is well over a decade after the mergers were completed!
And it should be noted that Infinity (which changed its name back to CBS during a corporate restructure) is now known as Entercom after a merger of that company with the CBS radio division in 2017.
Thanks to public radio station WFMU 91.1/90.1 in New Jersey for sending a tweet to this page on January 30, 2012.