Less, to the point of being insignificant. Radio news is already near that point, and with broadchannel availability in the works it will only become moreso. Radio markets were the initial target of the relaxed restrictions, and are what started the latest round of objections.
I hate to break it to Ted, but local stations (television and radio) will continue to become even more insignificant no matter what the FCC does, because the market has changed.
It's not the same situation as when Ted got started, and the only thing cable gave you was better reception of your local channels and a sports channel to boot. Nor is it a case of local radio/TV being your sole source of news (for most people it's not even a source of news), which made it an obvious case for concern. That is what the regulations were built upon, and it is why they are obsolete.