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LMA

An "LMA" is a Local Management (or Marketing) Agreement reached between a station owner and either a potential owner who, essentially, leases the station for sales revenue purposes or has reached an agreement to buy a station, with the right to immediately lease the entire station short-term until the property closes escrow and the property formally changes hands upon approval of the FCC.

Here is a brief overview of a radio LMA: http://en.wikipedia.org/wiki/Local_marketing_agreement
 
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