Luken lookin’ for discounted Equity


Equity Broadcasting Corporation has a multipronged deal in place that will bring in much needed cash in exchange for full- and low-powered television stations in six markets. The buyer, Luken Broadcasting LLC, is owned by Henry G. Luken III, who owns a piece of EBC. The deal, brokered by Patrick Communications, will have Luken put down $5M toward a total purchase price of $25M, but that price will be reduced all the way down to $17.5M if he can close simultaneously on the entire package of stations. Here’s the breakdown: Luken gets five low powers in Fort Myers-Naples FL for a full price of $8M, or a discounted price of $5.6M, with an initial payment on $1.6M (the latter part of the $5M advance). The other markets include Minneapolis-St. Paul MN (one low power for $4M/$2.8M/$800K); Oklahoma City OK (one full power and three low powers for $4M/$2.8M/$800K); Amarillo TX (one DTV and four low powers, for $4M/$2.8M/$800K); Waco TX (two low powers for $4M/$2.8M/$800K); and Tulsa OK (one low power for $1M/$700K/$200K).