The study examined the problem of regulation in the Nigerian print media with reference to the standoff between the Nigerian Union of Journalists, the Newspapers Proprietors Association of Nigerian and the Nigerian Guild of Editors over the Nigerian Press Council Act 60 of 1999. The study is grounded on the social responsibility theory of the press which advocates the exercise of press freedom with responsibility. The qualitative study employed in-depth interviews with key stakeholders. The results of the interviews were coded and discussed thematically. The findings in this study generally revealed the contentious and divisive nature of print media regulation in Nigeria. While some stakeholders have rooted for outright internal regulation in colouration and form, others support some level of external regulation. The paper proposes a co-regulatory framework as a way of getting out of the impasse.