Surprising Dynamism in Market for Local Newspapers – July 2025 M&A Activity

SOURCE - The Target Report

The restructuring of the local news industry continues at a steady pace, driven by the dual forces of financial pressure on small publishers and the strategic ambitions of regional consolidators. Family-owned papers with deep community roots are increasingly turning to better-capitalized buyers in search of long-term sustainability. Meanwhile, new ownership models, from nonprofits to local investor groups, are reshaping the competitive landscape.

In past issues of The Target Report, we have covered transactions and trends in the newspaper publishing business, once a dominant segment of the broader printing industry. Indeed, many of today’s legacy commercial printing firms trace their origins back to local newspapers that added commercial work to better utilize excess press capacity.

The turmoil and ongoing decline in the newspaper industry have had a profound impact on web offset printers and significantly altered the paper grades produced by mills. To take a deeper look into the current dynamics shaping local newspaper ownership, I have invited Sara April, President of Dirks, Van Essen & April, the leading M&A advisory firm in the U.S. newspaper sector, to offer her insights into recent transactions, strategic drivers, and the evolving landscape of local journalism.

–  Mark

Local News: Market in Motion

By Sara April, Guest Author

The local media landscape continues to undergo fundamental reshaping, driven by a confluence of market pressures, strategic consolidations, and evolving ownership models. This is reflected in 2025’s steady merger and acquisition activity.

Smaller publishers are increasingly challenged by rising costs and limited scale, prompting sales to larger, better-capitalized buyers who can deliver operational efficiencies and regional synergies. At the same time, portfolio realignment and targeted clustering strategies are prompting both acquisitions and divestitures by some of the industry's most active players.

The result is a dynamic, fragmented market marked by a diverse and constantly evolving set of buyers, including regional groups, nonprofit entities, and local investors. The following explores key trends, notable transactions, and the strategic drivers behind recent M&A activity. We have tracked the sale of 97 local news titles in 38 transactions so far in 2025, which represents a similar pace compared to the prior year.

Activity Drivers: Lack of Scale

Smaller operators are facing increasing difficulties due to a lack of scale needed to manage expenses. This is driving them to sell, often with a larger company coming in as successful buyers. As these larger regional newspaper groups acquire smaller independent newspapers, they can create economies of scale and build stronger, more sustainable networks.

Enterprise Media Group, based in Blair, Nebraska, was one such seller. The sixth-generation family-owned company included 10 weekly newspapers and three total market coverage shoppers serving a regional market north of Omaha spanning eastern Iowa and western Nebraska. It was sold to Carpenter Media Group, one of the most prolific newspaper buyers in the past 18 months.

Carpenter Media Group burst onto the acquisition scene in March 2024 with its acquisition of Black Press Media, which included more than 150 newspapers and media operations across Western Canada, Washington and Hawaii. The company has gone on to complete more than 10 deals since then, including Enterprise Media Group, as well as EO Media Group in the Pacific Northwest, M. Roberts Media in Texas, Salem Publishing Company in Missouri, and Oregon-based Pamplin Media Group. The company now has operations in 19 states (as well as in Canada), providing great economies of scale.

Other smaller operators to have sold include the Campbell family in Owosso, Michigan. Published continuously since 1854, The Argus-Press was in its 131st year and fourth generation of Campbell family ownership. It was one of the longest-running independent, family-owned newspapers in Michigan. The family ultimately sold to Boone Newsmedia to take over stewardship of the company.*

Boone Newsmedia, based in Tuscaloosa, Alabama, owns and/or manages more than 60 newspapers, magazines, and digital properties across seven states, including Michigan. The company is known for its commitment to quality journalism, community engagement, and sustainable media operations.

* Dirks, Van Essen & April, guest contributor, served as advisor to the Campbell family in this transaction.

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