Ekrem Dumanli, editor-in-chief of Zaman, was among eight suspects freed after being held on suspicion of plotting to overthrow the government.
Four others, including a TV station boss, have been kept in custody.
It comes as President Recep Tayyip Erdogan cracks down on supporters of Islamic cleric Fethullah Gulen.
The raids at the weekend took place a year after corruption allegations against allies of Mr Erdogan emerged. He said it was a plot orchestrated by Mr Gulen's supporters to topple him - something Mr Gulen denies.
The chairman of Samanyolu TV, Hidayet Karaca, was among those detained. A court in Istanbul ordered on Friday that he and three others continue to be held.
Samanyolu TV is among the media organisations with close ties to Mr Gulen, the spiritual leader of the Hizmet movement and a rival of Mr Erdogan.
Some 23 people - including journalists, producers and scriptwriters - were arrested during the raids on accusations of forming an illegal organisation and trying to seize control of the state.
Critics say the police operation is an attempt to silence free press.
Turkish media reports said on Friday that a warrant had been issued for the arrest of Mr Gulen.
Earlier this year there were moves to extradite him from the US, where he has lived in self-imposed exile since 1999.
A court in Istanbul has released a leading Turkish newspaper editor arrested during raids on media offices at the weekend.