I'm just guessing here, but...
An AM simulcast does 95.3 little good. Perhaps they have an idea for a niche format for 830, e.g., Oldies, but I doubt that's what it is about.
They may intend to get a "fill-in" translator in the City. The 95.3 signal would not qualify for a fill-in (and the higher ERP possible), but 830 would. So, in that case, the station has value.
At one time, 95.3 was getting the still-unconstructed 105.5 translator, set to be 250W in North Memphis. It is now listed as translating 1380; I am not sure what the deal is there.
Again, just guessing.
DE