Douglas McCabe, chief executive of Enders Analysis, a research service covering the media, entertainment and telecoms industries, said a large part of the problem had been that digital ad revenues have been soaked up by US giants such as Google, Meta and Amazon.

“Advertising is very much flowing to search [engines] but also retail,” he said. “All of that is just bad news if what you’re running is a newspaper business or a magazine business, because it’s taking away advertising spend.” He added that news websites were receiving lesser audiences from search engines and from social media sites such as Facebook. “That, ultimately, also has an affect on the amount of advertising being generated,” said McCabe. “So it’s a perfect storm of problems all happening at once.”

“TalkTV should be an embarrassment as it makes roughly the same losses as Sky News but without the same exceptional reach, awards or impact,” said Claire Enders, media analyst. 

Morgan’s show still generally has the smallest audience in its time slot of the four other main news channels in the UK — which also comprise Sky News, BBC News and GB News — according to Douglas McCabe at Enders Analysis.

“The problem from a business perspective is Piers’s show has had no ‘halo effect’ on the channel. For the rest of the schedule, on average Talk TV is a long way behind the other news channels.”

A recent report by Enders Analysis, a subscription research service specialising in media, indicated that the Independent/Saudi deal could give Sheikh Mansour a way out of the impasse in which he now finds himself.

With the regulators still investigating and amid vociferous protests against the sale, Enders warns that the “saga of the ownership of The Telegraph … could roll on and on through 2025”. One option, it suggests, is for RedBird IMI, the investment vehicle set up by Sheikh Mansour and its chief executive Jeff Zucker, to “broaden the investor base and thus address the threat of editorial interference more directly”.

Condé Nast’s stable of print magazines still exists — albeit without the strong national editions — “and that’s an achievement in itself when so many other print titles have folded,” said Douglas McCabe of Enders Analysis. InStyle and Marie Claire no longer have print editions and the once-mighty Sports Illustrated is on the brink of collapse.

Tom Harrington, head of television for Enders Analysis, the media research company, told the Times: “There is such a disparity between the figures that he generates online and what he gets on TalkTV.

“It is just out of kilter with his profile, the high production values and all the money spent promoting the show."

“Most of the exposure to his interviews is from the two-minute clips, which work much better than burying him down the TV guide with a hundred channels above it which make it difficult to find.”

Karen Egan, head of mobile at Enders Analysis, said the results were “strong on a headline level” but warned the figures were skewed by “erratic” growth in markets such as Italy and Egypt.

“These companies are still investing large amounts but capital deployed is going into technology like AI that is designed to reduce headcount intensity in the long run,” said Jamie MacEwan, Enders. “The next big bet is that they can do more with less.”