Los Angeles Times parent 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 company said Tuesday.

Revenue dropped 6 percent to $1.1 billion, with advertising revenue falling 15% and circulation revenue dropping 2%. The largst revenue declines were at the Los Angeles Times and the Chicago Tribune.

The charge comes a day after E.W. Scripps Co. took a $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.

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