Luken Communications is purchasing more TV stations from the financially troubled Equity Media Holdings than the parties announced back in April.

At that time, Equity said it was selling a cluster of five low-power TV stations in southeast Florida to Luken for $8 million.

But in filings with the FCC yesterday, Equity said that it was selling an additional 13 full- and low-power stations in Texas, Oklahoma and Minneapolis to Luken.

The stations, including those in Florida, are packaged as six separate deals with a total sale price of $25 million.

But, according to the filing, Luken will pay just $17.5 million if it is able to close on all 18 stations at one time.

In addition to the Florida stations, assets include two full-power stations — KEYU Borger, Texas, in the Amarillo market (DMA 131), and KUOK Oklahoma City (DMA 46) — and several low-power stations in each of the two markets.

Also included are a pair of LPTVs in Waco, Texas, and standalone low-power stations in Minneapolis and Tulsa, Okla.

Equity has also sold Retro Television Network to Luken for $18.5 million. Equity holds an option to buy back the digital broadcast network for $27.5 million. The option is good through Dec. 24.

Luken is headed by Henry Luken, an investor who stepped down as CEO of Equity Media in order to acquire some of its assets. According to the FCC filings, Luken still retains an "attributable interest" in Equity.

Equity is using the proceeds from the station and network sales (at least $36 million) to keep the company afloat.

Operating from Little Rock, Ark., Equity Media has amassed a collection of 120 full-power and low-power TV stations, most in small markets.

Equity claims to be the second-largest affiliate group of the top-ranked Univision and Telefutura Spanish-language networks with 19 affiliates (16 Univision and three Telefutura), 13 of which are in the nation's Top 65 Hispanic television markets.

The company also operates five My Network TV affiliates, four Fox affiliates and one ABC affiliate.

In reporting a net loss of $22.8 million for the first six months of 2008 this week, Equity once again warned its shareholders that it may have to "restructure the company or, in the extreme event, cease operations."

John Oxendine was named CEO in June, while retaining his post as chairman-CEO of Broadcast Capital Inc., an investment firm specializing in minority-owned media.