Ok...what is LMA ?
An LMA is a form of a lease where a third party takes over operations of a station from the FCC licensee in all respects except overall responsibility for compliance with FCC rules and regulations. The most oft-found situation is where a buyer does an LMA during the period while they are waiting for the FCC to approve the transfer of the license... sort of rent to own.
In other cases, an owner might LMA a station they are challenged by... such as a dog AM that is in their local cluster... to someone who will run it for a niche market, such as a specific foreign language speaking group or a religious group.
LMA means Local Management Agreement or Local Marketing Agreement, and I have heard both used. In any case, it's where the licensee and owner of the facility becomes the landlord.