Not likely. Satellite radio is touchy, requiring a satellite to relay the signals from space. That costs a LOT of money, because the satellites have to orbit, and you have to have multiple satellites orbiting to consistently cover the broadcast area. Broadcast radio, on the other hand, merely needs towers on the ground to relay the info. It's dirt cheap in comparison, and even dirt poor countries can still operate them. The same can't be said for launching satellites into space.
Maybe someday in the distant future we will have the technology to revamp all radio (and internet) communication, but the price difference between satellites and relay towers makes terrestrial radio a viable option still. And currently, terrestrial radio can go many places that satellite radio can't.
I won't even get into the legalities / business side of the issue, it gets pretty complex.
For an interesting read, I've linked you the Wikipedia on Sirius radio, which once competed with XM radio until they merged to compete with terrestrial radio. There was a big antitrust issue during the merger, and it opened up the doors to discussions and questions such as these.