Not likely. For a radio station to put on a program no one wants to listen to, could be a business breaker. Obama knows that. The result will be that most radio stations will be forced to not have the liberal or the conservative show.
In effect, it's a way of passing the "hush Rush" law, under the guise of "fairness".
Not that Rush wouldn't survive. In the largest markets, undoubtedly the ad revenue from Rush will make it worth airing a dead weight liberal program. But that's only in the largest markets where the income can more than out weight the loss. In smaller markets, where station budgets are thin, they'll have to dump Rush.
Of course the nice thing is, as more and more people are able to get online radio, and of course, purchase Rush and other conservative show, they will never stamp out the conservative voice.
I was considering buying a subscription to Rush myself.
Anytime consumers have to pay to hear a voice, they always choose conservative voices.