Tabloid king is ruined (4)

I believe the answer is:

sunk

'is ruined' is the definition.
('sunk' can be a synonym of 'ruined')

'tabloid king' is the wordplay.
'tabloid' becomes 'sun' (The Sun, UK newspaper).
'king' becomes 'k'.
'sun'+'k'='SUNK'

(Other definitions for sunk that I've seen before include "Sent to bed" , "Gone under" , "ruined" , "Submerged" , "(Has) disappeared beneath the waves" .)

I've seen this clue in The Times.

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