Announcing the NI rates holiday, Mr Murphy said he recently met with key representatives of the industry.
At the meeting, he heard first-hand about the challenges they face.
He said it was an ‘important step’ in protecting the industry during these challenging times.
“When I met with the industry representatives, it was clear to me that action needed to be taken to support our local newspapers as they are a key part of the fabric of society,” the Finance Minister said.
“Local newspapers reflect the local community.
“Nothing interests people like local news and people have a real affinity and connection with their local paper.
“For many, it provides a platform and voice on issues that matter to them.
“These newspapers have experienced a significant loss of income as a result of the pandemic.
“And I am pleased the Executive agreed to my proposal to extend the rates holiday as it demonstrates the importance we place on their role.
“It will help ease the pressures our local newspapers face and will ensure they can continue to be part of the backbone of our local communities,” he added.
The rates holiday is part of £216million of Covid-19 funding and over £75million of routine January monitoring funding which is being allocated to support businesses and a range of sectors.