The aim of this article is to assess, by way of an empirically based analysis, whether or not the price behavior of newspapers, both on reader and advertising markets, is affected by consolidation. Two questions related to consolidation are investigated. The first relates to the extent to which consolidation between regional newspapers in the same area leads to a change in either the subscription price or in the real advertising costs. The second investigates whether a merger between newspaper publishing companies leads to a change in the subscription price of their newspapers or in the real advertising costs. Newspapers that were directly or indirectly involved in consolidations did not show a more detrimental pricing behavior to consumers than the other dailies.