Elections is sine-qua-non to democracy. The coverage of elections has been a major sensitive part of journalism. Journalists are expected to avoid sentiments and be as objective as possible in reporting elections. The relationship between politics and the media is therefore an inextricable one. Thus, the media go through 'an arduous task' to give effective coverage as they did in the October 20, 2012 Ondo Gubernatorial election which saw the emergence of Dr. Rahman Olusegun Mimiko of Labour Party (LP) as winner of the poll. This makes him to be the first Governor of Ondo State to be returned through the ballot box. Hence, this study finds out how Nigerian newspapers reported the October 20, 2012 Ondo Gubernatorial election. The study also views the reportage by some selected newspapers in the light of ownership interest and political affiliation as it affects their objectivity and editorial independence. The study content analysed 15days (30 editions) – a week before the election, the Election Day and a week after the election (Sunday, June 14, 2014- Sunday, June 28, 2014) of The Nation and the Nigeria Compass Newspapers. The newspapers were carefully chosen based on their ownership structure and political affiliation. Agenda Setting and Social Responsibility theories of mass communication formed the theoretical framework. Findings from the study shows The Nation and Nigeria Compass were sensational in their reports, politics of calumny and hate were held supreme during the period under review, thus indicating that owners/proprietors influence editorial contents, thus tampering with the editorial independence and objectivity in the newsroom.