Not really. This is pretty simple.
Sorry if I was harsh earlier, but I see too many posts here from people who want somebody else to do their research for them. It's hard to answer a "I don't know where to begin" question, as well, because you have no idea what the background of the person asking is, and just what information they are lacking.
I concur with the choice that was made.
If you'd do a simple search, and/or are an end-user of streaming audio stations, the solution is staring you right in the face.
Nulsoft (the maker of Winamp) provides a free streaming server - Shoutcast - and free encoder for encoding and sending the stream to your server. It's probably used by 90% of the Internet radio stations out there today.
There's nothing to do to the actual website except to add a simple link to the streaming server. No need for a web developer, let alone a web development team. You need a couple of hours of a system admin's time to install the streaming server and encoder.
Install the streaming server and/or contract with a service provider. Install the encoder on a workstation, and hook the workstation's audio card into the audio feed.
Playback is handled by an external player. All popular players support the format used by Shoutcast.
There are other issues, but they are outside of the scope of this post. Make sure you have a good, clean audio card. I'd suggest something better than a Soundblaster. But then, there's probably somebody hanging around a radio station who can make some suggestions.
There could be content licensing issues. BMI and ASCAP now include streaming with the same license that a radio station would already have. SESAC doesn't. And none of these cover MP3s of songs or recorded shows that you might want to put-up on your website, nor podcasts - they only cover a streaming simulcast of your broadcast feed.