It is a regular newspaper with many articles written in normal black ink. The front cover, though, shows a picture of SpongeBob with the words "New Mayor" written in the bottom with capital letters. The newspaper is seen inside a gray colored newspaper stand.
Role in the episode
Sandy finds it with Patrick at a gas station. Patrick thinks SpongeBob is trapped inside the newspaper because of the picture depicting him. He then throws a brick at the machine, breaking it open and proceeding to hug the newspaper, believing it's actually his best friend. The ink of it then comes off on Patrick's stomach.