The research has attempted to study the practices of self-regulation among the Ethiopianrnprivate presses with a view to apprehend the prospects and challenges ofrninstitutionalizing vibrant and functional self-regulatory bodies in the press industry.rnIn Ethiopia the press has been liberalized since the downfall of the socialist militaryrngovernment in 1991. The FDRE constitution and the subsequent press proclamation hasrnprovided recognition to the freedom of expression and the freedom of the press which inrnturn contributed to the proliferation of the private press. However, the private as well asrnthe government press were not functioning in line with recognized journalisticrnstandards. There was a north-south dichotomy in the press. Some of the private pressesrnwere serving as a mouthpiece for certain opposition political parties while others werernhighly affiliated with the incumbent government. Still others were established tornpromote parochial ethnic politics. The government press was also serving as a conduit tornthe government propaganda. Consequently, journalistic ethics and self-regulation werernhighly disregarded.rnThe researcher has employed a qualitative methodology to conduct the research. Indepthrninterviews are conducted with journalists, editor-in-chiefs, owners andrnrepresentatives of media professional associations to apprehend the prospects andrnchallenges of institutionalizing self-regulatory frameworks in the country’s mediarnindustry. Beside this, the researcher has exhaustively explored pertinent Ethiopianrnmedia legislations in a bid to examine their conduciveness for exercising self-regulation.rnThe finding of the research demonstrates that the practice of media self-regulationrnin Ethiopia is in its nascent stage. There are some media houses that have developed in10rnhouse codes of conduct as ethical guidelines. However, only in very few media housesrnare the codes treated as an institutional ethical standard. In most cases self-regulationrnpredicates upon the will, consent and cooperation of the press industry. However, inrnEthiopia the private/government dichotomy and the chasm among the private pressesrnmake institutionalizing self-regulatory bodies very remote. There is also a substantialrnpolarization among and within journalists’ associations in political lines. Some of thernjournalists’ associations are highly politically charged. Despite these, however, there arernsome promising movements among some private presses and the civil society tornestablish an independent self-regulatory body.