I get that, but is there actually a formula, or just a seizing of opportunities as they come up?
If it makes sense. They do it. A lot of times station owners need to dump a signal and EMF is a willing buyer a lot of the time. If it will boost their coverage, or allow them to expand by adding Air1 in the market, they'll buy it. But they won't pay more than a certain amount. That's how it's been for as long as I can remember.
Alpha Media needed to dump off what is now WAWY a few years ago. EMF bought it and put Air1 on. It fills a coverage gap in that part of the market. The original K-LOVE station (Now Air1) used to be in the same area but was able to go closer to Chicago proper, thus there is no longer strong coverage from WAWE in that area. Buying what is now WAWY allowed them to fill that coverage area.
They frequently mention the other signal in the legal IDs. WAWE for example "94.3 WAWE Glendale Heights-Chicago, 103.9 Elgin-Barrington" and "103.9 WAWY Dundee-Elgin, 94.3 Chicago" That's for people who might be driving.
Chicago was one of their earliest major markets. They came to town in 2001 by leasing what was then 94.3 WJKL in Elgin. They bought the station a few years later. Air1 popped up on small signals and translators, one was WCLR in Arlington Heights. There was a college station in that area that did not operate on the weekends. They ran Air1 on that frequency Friday, Saturday and Sunday only. There was also WSRI in Sugar Grove. Small signal that reached Aurora. Still there.
WJKL went to Air1 after they bought The Loop. WAIW in Wheaton (Another former College signal) flipped to K-LOVE Classics because 94.3 was in the same area.
If you look at the signals in any given area, their coverage areas, who they are competing with, and what is on them, it makes sense.