It depends on what the ROI and risks are. If you spend $100M a year to earn $1M in net profit, and your business is completely dependent on advertising and/or has declining subscription revenues then that’s terrible. There are much better ROIs to be had, so an investor would be better off investing elsewhere.

Also, reporting faces heavy legal, travel, lodging, equipment, and food expenses and those don’t end up in the asset column in case of a sale. I guess the articles and copyright would help, but it doesn’t seem to be worth much.

Why wouldn't equipment end up in asset column in case of a sale? Equipment is a fixed asset so it'll just be a transfer of asset at book value with gain/loss recorded in the sellers income statement.

EDIT: When you talk about "asset column" I'm assuming you mean the asset column in the books of accounts of the buyer.

It would, I was just assuming a good portion of a news agency's equipment isn't as valuable in re-sale like personal computers, office equipment, etc.

In the long run of a decade, it's risky to bet on sustainable growth after the Trump era ends. Doubly so if he doesn't get re-elected.