Times Square by Allan Moyle

Moyle later wrote/directed PumpUpTheVolume, and he uses the same setup here: a radio station plays a central role in the liberation of the oppressed. Add in the music of the age = The Cars, The Ramones, The Cure, Gary Numan, etc. to set the tone for revolution, and you get the film (trailer + scenes.

Now I have to go watch his later, apparently non-radio-centered films to see what he ended up doing....