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COVID-19 affected all global activities. The print media industry was one of the affected fields. This research investigates the challenges and opportunities that COVID-19 brought to the Ethiopian newspapers. Political Economy of Media theory is used to analyse data obtained from documents and in-depth interviews with managers of two leading media houses; the government-owned Ethiopian Press Agency (EPA) and the private Capital newspaper. The findings show that print media faced two key challenges. First, their circulation decreased due to the COVID-19 as a result of the economic recession. This was compounded by the second challenge, based on the fact that not only don’t these newspapers own printers, they also lack a established formal distribution infrastructure. As a result, they still had to pay highly for printing while selling copies at a reduced price. However, media hybridisation, innovative projects, and sponsored pages helped the newspapers stay on the market. This study recommends that newspaper publishers run their printing machines, expand the media technology, change the attitude of print journalists, and capacitate them to utilise media hybridisation as important solutions.