Yes, NEWSPAPER is a Scrabble word!

Letter values in Scrabble US: N 1, E 1, W 4, S 1, P 3, A 1, P 3, E 1, R 1.

Is it a valid word?

NEWSPAPER is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a daily or weekly publication on folded sheets; contains news and articles and advertisements
a business firm that publishes newspapers
the physical object that is the product of a newspaper publisher
cheap paper made from wood pulp and used for printing newspapers

Also: newspaper publisher.