After midnight, according to this OKC Biz report, The Spy will cease to broadcast over the airwaves. The Spy was an extremely unique cultural asset for Oklahoma City that set the city apart from other places--a locally-owned station that only did local ad spots that played nothing but indy-type music. Sadly the airwaves will go back to being dominated by Top 40 and Country and talk show yacking.
It is a shame that this station could never get the listening audience and support that would have been needed to keep this cultural asset alive. They'll still be online at www.thespyfm.com so maybe they can get it going again, hopefully.