Here's another site's take on the matter:
http://www.radiolovers.com/copyrights.html
Quote:
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we have checked with the Library of Congress regarding the status of old time radio recordings made prior to 1978, and have been informed by their staff that all such recordings are generally in the public domain, as sound recordings were not allowed under the previous copyright law and that such recordings have not been granted copyright status under the new laws (since to change their status and move them out of the Public Domain would be a violation of Ex-Post-Facto). Once a piece is placed into the public domain for any reason, it remains there legally unless someone brings a case to the Supreme Court to decide otherwise.
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It appears that sound recordings weren't protected under copyright at the time they were broadcast, and their scripts wouldn't have ever been published, so they wouldn't be covered either.