Getting your player ready...
NEW YORK — Tribune Co. plunged to a $4.53 billion loss in the second quarter after taking a $3.84 billion charge to write down the book value of its newspaper brands.
The charge comes a day after E.W. Scripps Co., owner of the Rocky Mountain News, took an $874 million write- down as sharp declines in advertising revenue throughout the industry reduces the value of newspaper businesses.
Tribune, based in Chicago, earned $36.3 million in the year-ago second quarter. The company was taken private in an $8.2 billion buyout led by real-estate mogul Sam Zell last December. It still reports results to comply with bondholder agreements because of its massive debt load.
