Newspapers and other broadcast media have always had a very high ‘goodwill’ component compared to book value. Book value being tangible assets like property, plant and equipment - stuff that can be turned into cash money. Perhaps the downtown real estate can sell for $100 million. But that’s the only tangible asset they have to sell. Printing presses are basically worth scrap metal prices now.
The value of newspapers has always been in their ability to deliver ‘eyeballs’ to advertisers. They manufacture nothing. They are a distribution system.
And now that ‘eyeballs’ are not looking at newspapers or television - the eyeballs have migrated to the internet - their value to advertisers is rapidly decreasing.