I really don't think EMF is that interested in Dallas. Air One is their format leader. Air One is already in DFW. K-Love is only in certain markets. In other words, as far as cash cows go, Air One does lots of mooing...more than K-Love.
That's actually backwards. K-Love is EMF's marquee (or flagship) format and has more or less been Christian AC from the beginning in Santa Rosa. Air1 has gone through multiple formats, starting with Christian Rock that was pretty hard, to something that was just a little more rockish and CHR in presentation than K-Love "The Positive Alternative" and then most recently a fresh praise and worship focus "Worship Now".
K-Love is typically on the best signal they own in each market, while Air1 is relegated to secondary signals or translators. Look at NYC, LA, Chicago, Philadelphia, DC, Atlanta, etc. for examples.
The big market exceptions to this are DFW and Houston (and Los Angeles before they worked out a deal with Univision). Both of which have had historical brand and trademark related issues as well as strong, established Christian ACs (KLTY and KSBJ respectively) already in the markets.
DFW is the biggest single market for Christian Music and has a long history of supporting those stations. Without question, if the trademark situation with Audacy can be resolved and their is a suitable signal to acquire, they would absolutely want to give K-Love a presence in North Texas.
The Christian Radio market is about 8%. I'd say it might be a bit higher in the Bible Belt. Even so, you have the following stations doing some form on Christian programming in DFW (including full power Spanish Christian as we're talking Christian Radio as a whole): KJRN, KSQX, KAWA, KCBI, KDKR, KLTY, KWRD, KVDT, KDFT, KTNO, KAAM, KJON, KFJZ, KFCD, KHFX, KMNY, KEXB, KGGR, KATH, KTXG.
But.... most many of those stations' formats have very little overlap with either K-Love or Air1. Many of them don't play any music at all or even share the same language. They aren't chasing the same dollars or ears.
The only ones that really matter for this exercise are KLTY, KAWA, KCBI (which also still has block programs in several day parts), and EMF's own KYDA (Air1).
KJRN has a similar format and is well done, but is a non-factor because the signal is effectively limited to suburban Johnson County. KAWA and KYDA are both rimshots. The only full market Christian music stations are KLTY (heritage and very successful commercial station in the format) and non-com KCBI.
I don't think the market is as cloudy for a K-Love entrance as you suggest.
That's a bunch of stations after that 8% or let's say 10%. With your business mind working, would you pay what might by millions to get the rights to K-Luv in the market, then a few million more for a decent signal to put your secondary format on in such a crowded market where chances are you might scrape by if you're lucky. You say wait, this is a non-profit and it's not a business. I say a non-profit does well when they make wise business decisions, which EMF has made to have enough surplus cash to but stations in target markets at a low price.
EMF plays a long game has a capacity to subsidize money-losing markets for a long time. DFW is a huge missing piece to their national footprint and is an ideal market for their audience. The addition would be a huge win for their platform.
That said, i can't imagine them paying millions of dollars for the brand in DFW and putting it on some marginal rimshot like 92.1 or 107.1. They are likely waiting until they can get a decent rimshot or a Cedar Hill signal.
Since we are wildly speculating... what if First Dallas decides to get out of radio ownership and sells off 90.9?
