Does the reliance on advertising revenue affect the content of privately owned radio and television stations?

Over the past few years, I have been looking into expanding my expertise and knowledge; I decided to get myself educated about the media and communication field, and I have been recently reading 'Mass Communications and Media Studies: An Introduction' a book by Peyton Paxson.

Under 'Questions for critical thinking and discussion' at the end of the first chapter is this question: How does the reliance on advertising revenue affect the content of privately owned radio and television stations?

So I went on a little journey to try to answer the question.

When a privately-owned TV or radio station relies on advertising revenue to stay afloat, it often has to censor its content in order to avoid offending potential sponsors.

However, the answer to this question depends on a number of factors; on the one hand, it is clear that stations rely on advertisers for a significant portion of their income. On the other hand, it is also clear that stations must maintain a certain level of quality in their programming in order to attract and retain listeners and viewers.

The idea that the reliance on advertising revenue affects the content of stations is not straightforward. Stations create content according to their audience, while advertisers are attracted to stations that target an audience that will likely buy their products.

It's not an "if this happens, then that will happen" situation. I think a better question that should be asked is "Can the reliance on advertising revenue affect the content of privately owned radio and television stations"