The present study aims to observe the patterns of newspaper subscription and reading and further explore the structural relationship between parent–child interactions, children’s reading motivation, and academic achievement in families with school-age children. Online surveys were administered to 1361 parents of elementary students from grade 1 to 6 across South Korea. Collected data were analyzed using SPSS and AMOS to conduct frequency analysis, correlation analysis, structural equation modeling, and bootstrapping analysis. Results showed the following. First, 17.0% of households subscribed to a newspaper, 28.5% of parents read paper newspapers, and 97.1% of parents read online newspapers. Second, parent–child interaction using newspapers had an indirect effect on children’s academic achievement through the mediating effect of reading motivation. Overall results revealed the functions of newspaper as part of home literacy environment and the newspaper’s positive contribution to a child’s reading motivation and academic achievement.