The research intent of this thesis was to explore the main drivers of customer value in the context of the three biggest online newspapers in Norway, respectively VG Nett, Dagbladet.no, and Nettavisen. The aspect of customer value was studied from a provider-centric perspective, rather than through the consumers’ evaluation of such value. The customer value concept was further looked upon in terms of non-monetary and intangible aspects, and referred to the intrinsic benefits appropriated to the customer segments from the perspective of the three online newspapers. The motivation for pursuing this research objective was based on the contention that the implementation of such value drivers, along with high editorial standards and efficient revenue models, could establish an economic fundament for firm profitability, as well as strong buyer-supplier relationships. In order to elucidate the key sources of customer value, I explored the business activities and the strategic choices of the three media companies, by conducting a qualitative content analysis of their business model. By scrutinising their key activities through the lenses of the Business Model Ontology, I was able to elucidate the locus of customer value, and, more specifically, the intrinsic benefits appropriated to the customer segments. Discussing these benefits in light of the Value Driver Model and the interview responses of three newspaper executives provided sufficient grounds for identifying efficiency, complementarities, novelty, convenience, interactivity, connectivity, and customer integration as the key drivers of customer value in the context of VG Nett, Dagbladet.no, and Nettavisen. As these sources bring valuable insights into the strategic choices and the distinct value creation logic of key online players, I reason that their identification and implementation would have a vocational and practical value to the online news industry.