The number is large, $4.53 billion, but $3.84 billion of that comes from a goodwill accounting charge that's related to the company's 2000 acquisition of Times Mirror. Also impacting the second-quarter numbers was a $704 million loss from discontinued operations associated with the recent sale of Newsday. Excluding those charges, Tribune said, operating profit fell 3.8 percent to $168.5 million. But within Tribune's publishing group, revenue dropped 10.6 percent - and classified-ad revenues plunged 26 percent. From the Chicago Tribune:

The goodwill charge which put the segment deeply into the red isn't particularly meaningful. Under accounting rules, companies list on their books not just the value of their tangible assets, such as buildings or printing presses, but also intangible factors such as a strong brand name. If circumstances change enough to reduce the value of the goodwill on its books,a corporation is obliged to take a non-cash charge to reflect the lower value. In Tribune's case, the wrenching erosion of profits in the newspaper sector set the stage for the goodwill charge.

Though it’s now private, Tribune still discloses its numbers because some of its bonds trade publicly.