According to this article from Radio Ink, Emmis head Jeff Smulyan is more concerned about the explosion in iPods than about the departure of Howard Stern from terrestrial Radio.
Did you know, Jeff, that every single one of your stations can plant programming on the iPods of their fans? If the listener wants it, of course. But if it’s compelling enough, why wouldn’t they?
The mechanism is called “Podcasting” and I’ve written about it before.