And yet, there are signs that all is not well in the Limbaugh radio empire. Because even as his influence is sky high and his dominance at the top of talk radio remains unchallenged, as a business proposition, Limbaugh’s show is on shaky ground. In recent years, Limbaugh has been dropped by several of his long-time affiliates, including some very powerful ones: He’s gone from WABC in New York, WRKO in Boston and KFI in Los Angeles, for example, and has in many cases been moved onto smaller stations with much weaker signals that cover smaller areas.

Why? Because four years after Limbaugh called Georgetown law student Sandra Fluke a “slut” on air, spurring a major boycott movement, reams of advertisers still won’t touch him. He suffers from what talk radio consultant Holland Cooke calls a “scarlet letter among national brand advertisers.” And for someone who has said that “confiscatory ad rates” are a key pillar of his business, that spells trouble. (Limbaugh ignored multiple interview requests.)

Limbaugh’s extremely lucrative eight-year contract—estimated to be worth roughly $38 million a year—is up this summer. What will happen to “America’s Anchorman,” as Limbaugh quasi-ironically refers to himself, once the contract is up, is anybody’s guess. Because as he is learning, political power does not necessarily a stellar business make.