I would say 102.3 would flip to either Urban AC, Smooth Jazz, maybe a distant maybe Oldies. If Liberman were to buy the station Liberman would not buy just one. If you remember Liberman aquirred El Dorado Broadcasting in Houston, Texas due to El Dorado filing for bankruptcy in 2002. Liberman at first bought KTJM-FM, KJOJ AM/FM and KSEV AM from El Dorado which El Dorado bought from Radio One back in 2000. After the bankruptcy of El Dorado Liberman made bargain basement deals for KQQK, KXTJ and translator 96.9 as Puro Tejano flipped to XO. Liberman Broadcasting had a San Antonio office but owned no San Antonio stations as BMP held a Houston office and had no Houston stations.
Liberman would more likely buy some of BMP's San Antonio cluster before they would hit Austin. Second, most of Liberman stations are rimshot quality.
Leonard Liberman the owner of Liberman Broadcasting filed in 2002 to get minority owned business grants even though he is Jewish he has Spanish ancestry that entitled him to receive minority grants for the FCC's Minority Owned Business Grants. If you are raking in the dough usually you don't apply for grants.
That is like comparing Radio One to Cox Radio which Cox Radio owns more stations than Radio One.
Of course Radio One could invest in the Austin area they have been known to buy one station at a time like 92.1 KRTS.
So several scenarios....
1- Clear Channel sells KPEZ to Radio One, Radio One flips KPEZ to Z-100 Austin's R&B leader and the best variety of hit's and oldies as Urban AC
2- Same as #1 but changes it to 102.3 The Box KPEZ Austin as Hip Hop rare but possible also sells 105.9 to same company and it flips to Urban AC
3- Entercom buys KPEZ and changes it Smooth Jazz 102.3 The Wave
4- Cox Radio aquires both KPEZ/KFMK then KPEZ becomes Power 102.3 as hip hop
and 105.9 goes alternative, all 80s 105.9 The Point (I doubt), or Country Legends 105.9
5. Cummlus buys both KPEZ/KFMK KPEZ flips back to AAA, and 105.9 goes CHR as 105.9 KFMK or stays hip hop.