Charges drag Tribune to $4.5 billion 2Q loss
Newpsaper publisher Tribune Co. says it lost $4.53 billion in the second quarter after taking a $3.84 billion charge to write down the value of its assets.
In the same period a year ago, the Chicago-based company earned $36.3 million.
Revenue fell 6 percent to $1.11 billion, as newspaper advertising revenue slumped 15 percent. Classified led the decline with a 26 percent drop.
Tribune says the noncash charge does not affect its debt covenants. It says it repaid $807 million in principal in the quarter. Its next principal payment, of $593 million, is due in June.