Radio Survivor, which I will admit to never having heard of before yesterday, but which seems like a pretty cool entity, links us to this here .pdf, which appears to corroborate their story. I did do my final paper in college on radio licensing, but I am by no means an expert on these issues, thus:

The University of Washington Regents have filed paperwork (PDF) with the FCC to assign the license for music-oriented public radio station KEXP-FM to the non-profit Friends of KEXP in exchange for “promotional consideration” valued at just over $4 million. The Seattle station, known as KEXP since 2001, was formerly the student-run radio station KCMU-FM, which launched at University of Washington in 1972. The call letters were changed to KEXP in 2001, following the launch of a 10-year partnership with Paul Allen’s Experience Music Project.

With the proposed change, University of Washington would provide technical support and other services to KEXP, and the station's listenership will hear "KEXP Seattle, an affiliate of the University of Washington[...]" at the top of every hour for the next 10 years. Other details were unclear or not bothered with at the time of this writing. Feel free to propose conspiracy theories in the Comments Section.

Via here and Radio Survivor, which was via a LinkedIn email inside my inbox.