For some time now on the New York Radio Message Boards, there has been a huge debate across a number of related threads on the WRXP New York "LMA"
The NYRMB is always worth a visit!
http://www.musicradio77.com/wwwboard/nyboard1.html
for the current state-of-play on the 101.9 saga.
(An LMA in the States is a Local Management Agreement wherby another company effectively sub-licenses a station from its owner; in this case present corporate radio owner Emmis still retains 10% of the action but Merlin will run the station. The LMA'er takes responsibility for everything (programming, staff, transmitters/gear, the lot) but doesn't actually get to own the actual asset of the license itself apparently.
Also in the States there's a Local Marketing Agreement purely for ad sales – bit like how GWr/GCAP/Global etc in the UK would/do sell airtime for other radio companies (even, oddly enough, their supposed competitors)).