Local marketing agreement
From The TV IV
In the United States and Canada, some television stations are operated under a local marketing agreement, or an LMA. This occurs when the owner and licensee of a station agrees to lease the station's programming to another company. The FCC requires that the owner leases the entire facility, studio, transmitter, and frequency, to the leasing company. Regardless of who operates the station, the owner is still completely responsible for the station and any fines that may be levied. This has been a long controversial subject, as it has allowed companies to skirt ownership limit rules.