Valuation Feedback on Small Magazine Publisher

I'm requesting guidance for preparation on the topic of valuation with a niche magazine print publisher. They are in a niche market so seeing organic growth with a solid high end brand and limited impact with online. Unclear on the numbers yet, but I suspect under 3M in revenue. What metrics / KPIs are most important outside of a typical multiple valuation? Would I expect a buyer to trade at a 2x to 4x multiple range OR in this industry is it based more on recurring revenue multiple? Any feedback is welcome!