What 2025 signals for valuations, seller timing and 2026 buyer behavior

Feb 1, 2026

SARA APRIL
Dirks, Van Essen & April

In 2025, Dirks, Van Essen & April facilitated a broad range of media transactions involving dozens of publications across nine states. These transactions spanned daily and weekly newspapers, regional lifestyle magazines and specialty publications, and they included the largest media transaction of the year by dollar value.

Viewed together, the year’s deal activity, pricing outcomes and buyer participation point to a more disciplined and resilient market, offering encouraging signals about stabilizing valuations, improving seller confidence and increasingly strategic buyer behavior as the industry moves into 2026.

Buyer behavior: Strategic selectivity will likely define 2026

Buyers in 2025 were active but highly selective. The year showed little appetite for indiscriminate expansion; instead, buyers focused on density, adjacency and cultural fit. Several acquisitive groups paused mid-year to integrate prior purchases, signaling that disciplined growth — rather than sheer scale — will likely guide 2026 strategies. Expect continued interest in cluster-building and opportunities that present a clear strategic advantage.

Valuations: Expect discipline, not exuberance

2025 reinforced that newspaper valuations are being set by current operating trends. Most transactions were priced around sustainability — cash flow durability, cost structure and market fit — rather than growth narratives. Portfolio and cluster deals continued to command the strongest outcomes, particularly where buyers could immediately realize back-end efficiencies. Sellers with clean operations, stable leadership and geographic adjacency to likely buyers consistently positioned themselves most favorably.

Seller timing: Prepared exits outperform reactive ones

One clear lesson of 2025 was the premium placed on readiness. Sellers who entered the market proactively—before operational stress or forced timelines—had greater control over outcomes. For owners considering a transition, 2025 suggests that early planning, transparent financials, and clarity around post-sale continuity meaningfully improve both deal certainty and perceived value.

Market outlook: Liquidity remains, but leverage has shifted

The 2025 market demonstrated that liquidity still exists for quality newspaper assets, but leverage increasingly rests with prepared buyers and well-positioned sellers. Deals are getting done when both sides align on long-term stewardship, operational fit and realistic pricing. Entering 2026, transactions are likely to remain steady rather than surging, with success driven less by timing the market and more by aligning the right asset with the right owner.

For expert guidance in media sales and acquisitions, trust Dirks, Van Essen & April. Visit www.dirksvanessen.com to learn more.