It’s been just what I would call an “open mic” with the studio chatter and background conversations caught…other times it’s the same as the broadcast audio, including commercials. I’ve also heard what sound like mic checks, audio feed equipment being checked, etc.
Unlike the 25.950 MHz FM 25950 FM signal that seems to be on the air all the time, this one is clearly switched on and off at points depending on…something.
Another interesting observation is the fact that sometimes my scanner / receiver decodes a PL tone or CTCSS tone of 218.1 Hz with the 26.110 MHz FM 26110 kHz FM signal. 218.1Hz is not one of the “false decode” tones like 118.8 Hz can [sometimes] be for signals with a really strong 60Hz AC hum (118.8 Hz being the closest tone to 120Hz…second harmonic) or 100.0 Hz for a station with a really bad 50Hz AC hum.
I think 218.1 Hz tone is actually being used. Back during the last sunspot cycle peak, when there was not only 25.950 MHz FM but also 25.910 MHz FM and 25.990 MHz FM active, they would be transmitting PL tones too.
I believe 25.95 MHz is acting as a “channel marker” or “frequency squatter”. It’s a de facto beacon, as is 26.11 MHz FM when it’s on the air.