
Photo: Julian Baumann
Photo: Julian Baumann
Two years ago, the heads of the SZ investigative department, Bastian Obermayer and Frederik Obermaier, went into business for themselves and founded their own research editorial team, paper trail media. An insight into their business model and investigative practice.
Mr. Obermaier, Mr. Obermayer, how difficult – or easy – was the decision to break away from the large media company SZ and become an entrepreneur?
Frederik Obermaier: Leaving was not easy for us. We were able to research and tell big stories there, such as the Panama Papers, the Pegasus project and the Ibiza affair. The SZ was our home. But we wanted a place where we could develop our ideas without feeling the pressure of a current newspaper production. Above all, we wanted to try something new.
Their first partner was “Der Spiegel”. Then came ZDF, the Austrian “Standard” and Tamedia from Switzerland. How do these partnerships work?
Bastian Obermayer: The company paper trail media belongs to both of us. “Spiegel”, ZDF, ‘Der Standard’ and Tamedia finance us as partners. This means that they transfer a certain amount every month, which we use to pay salaries and rent, among other things. The contracts are not long-term, so the partners do not bear as great a risk as would be the case if 14 people were permanently employed. If one day they realize that the cooperation is no longer working for them, they won't be able to finance these 14 colleagues for much longer.
What does the operational cooperation with the partner editorial teams look like?
Bastian Obermayer: We have one to three contacts at each of our partners. They offer our topics in-house. We meet weekly in virtual conferences where we discuss the list of topics and the state of research. There are also various chat groups on different end devices. It's an intensive exchange.
Is there competition between the media companies for your stories?
Frederik Obermaier: Our partners are not in competition with each other. There is an agreement that stipulates that we propose all stories to everyone. There is also no “first come, first served”. If all four partners want the topic, all the better. After all, each medium ultimately benefits if it refers to the work of the other in its publication. This increases both the reach and the added value of each story.
Bastian Obermayer: Of course, this also requires trust. Each partner knows how we work and is free to decide whether they want to join or not. As we have partners in three – albeit German-speaking – countries, their overlap is not so great. Purely German topics are not so interesting in Switzerland, and the same applies the other way round.
»The appreciation for investigative journalism has increased.«
Frederik Obermaier
Photo: Julian Baumann
How do whistleblowers get to you?
Frederik Obermaier: We have built up a certain reputation over the years, which is why many whistleblowers come to us. They know from our publications that we are able to process large amounts of data and that the names of the whistleblowers remain protected and confidential. Sometimes a tip also comes from the ranks of our partners. And then, of course, there are also current events such as the Rammstein case or the searches of AfD politicians, to which we assign reporters together with our partners.
Bastian Obermayer: We also receive tips and requests from the international networks we work with, such as Forbidden Stories or ICIJ. We then decide whether we or our partners should get involved or not.
Research sometimes comes to nothing. How do you minimize the risk?
Frederik Obermaier: We reduce it through experience and gut feeling. And fortunately, we are in such a stable position that we can afford to keep at it, even if there is a risk that a story could come to nothing.
Bastian Obermayer: Unfortunately, it is simply the case that some investigations end without being published. That's journalism too.
How much pressure is there to regularly track down scandals?
Frederik Obermaier: In fact, it is rather the other way around. We very much regret that there are so many scandals that are not uncovered due to a lack of resources. If we had ten more people at paper trail media, we would be able to utilize them well. Our partners give us a good framework, it's an inspiring and mutually inspiring collaboration. There is no pressure – it is simply not necessary.
During this research you will work your way into the darkest corners. Have you ever feared for life and limb?
Frederik Obermaier: Yes, there have always been moments like that. In the editorial team, we also consider the consequences of very sensitive research and talk about safety precautions and possible consequences. It is very worrying when one of our reporters is named on Russian television because of his critical reporting. Because we can't guarantee absolute security.
Bastian Obermayer: Nevertheless, we feel that Germany is a safe place for our research. We act cautiously, but this caution does not shape our lives. For example, neither of us is listed in the population register so that our private addresses are not published. We have also crossed various countries off our travel list. These include Russia, China, Panama, Morocco, Mexico, Turkey and Switzerland.
Seriously, Switzerland?
Bastian Obermayer: Yes, there is an absurdly restrictive banking law there, so that we have to fear prosecution in Switzerland because of an investigation into Credit Suisse, during which we received information on thousands of accounts from inside the bank. This is ludicrous and an outrageous restriction for a democratic country, but unfortunately it is the reality.
One big advantage you have as an independent entrepreneur: You can use the entire exploitation chain yourself, from finding topics to publication. How exactly does that work?
Frederik Obermaier: Our research covers the entire range of media channels. In addition to the traditional newspaper and website channels, we also use magazines such as “Spiegel” and “Manager Magazin”. We cover the television sector with ZDF. Both long and short TV reports are broadcast there in various programs, including “Frontal”. We also publish books. And sometimes we also need narrative forms such as podcasts or YouTube documentaries to bring the topics to the people.
»Unfortunately, it is simply the case that some research ends without being published. That is also journalism.«
Bastian Obermayer
Photo: Julian Baumann
Two years have passed since the company was founded. How are you positioned today?
Bastian Obermayer: We are a team of more than a dozen reporters. With the exception of a few colleagues who have a high level of expertise in data journalism, they are all all-rounders – all of them can familiarize themselves with topics and bring comprehensive tools with them. We put together a separate team for each piece of research in such a way that their skills complement each other. We are very proud of the fact that everyone supports each other, fills in for each other and passes on knowledge.
Frederik Obermaier: In addition, Elisa Simantke joined us as Senior Investigative Editor at the end of last year. This allows us to handle more research and projects in parallel. Since our foundation, we have published over 100 articles and contributions.
Has the value of investigative journalism changed in light of the political and geopolitical challenges?
Frederik Obermaier: The value has certainly increased, but the question of whether people are willing to pay for it is another matter. Many people complain about the high prices of quality media and moan about broadcasting fees instead of realizing what is being financed with this money. It is also alarming to hear that broadcasters such as MDR want to significantly reduce the size of their investigative department. Investigative journalists are needed right now to take a closer look at the activities of the AfD, for example.
Bastian Obermayer: In the USA, there are more and more regrettable voices saying that people have watched as investigative departments have been closed down, meaning that a critical view of authorities, administration and politics is now lacking in some places. Of the former major newspapers that regularly made a name for themselves with major investigative stories, only the “New York Times” is still flourishing. In contrast, Germany has a differentiated media landscape. At the same time, we are seeing the death of local newspapers here. I would like to see a rethink and a change of direction. It would be a good signal if democracy-loving editors and journalists were to strengthen this facet of journalism.
What is your conclusion: was the foundation worthwhile?
Frederik Obermaier: We have definitely achieved what we set out to do, namely to build up a small, fine investigative editorial team that can be seen around the world and with which internationally renowned media such as Le Monde, the Guardian and the Washington Post are happy to work together – and on an equal footing.
Bastian Obermayer: This adventure was incredibly exciting for us. We jumped in at the deep end and haven't regretted it for a single day.