The damage to the newspaper is terminal.
Credibility is almost impossible to recover once lost.
The entire editorial and reporting staff would need to be fired before any improvement could begin to be possible.
I've often stated similar, only in terms of an asset:
"The ONLY asset of a news organization is its credibility ... once credibility is lost, it has NO assets"
“Credibility is almost impossible to recover once lost.”
...How can you lose something you never had in the first place?