Equity Media sells 5 stations for $8 million

Financially troubled Equity Media has acted quickly to kill some of its debt. The company announced today it will sell five low-power TV stations in southwest Florida (WUVF, WLZE, WBSP, WEVU and WTLE) for $8 million.

TV Newsday reports the buyer, Luken Communications, is owned by two Equity Media execSs—Chairman, CEO and President Henry Luken and Thomas Arnost, CEO of Equity’s station group.

As I posted yesterday, the second-largest affiliate group of the Univision and TeleFutura networks had a net loss of $ 40. 7 million in 2007 and currently has more liabilities than assets.