This chapter investigates to what extent leading news media advocate investigative journalism and perform appropriately their watchdog function, assuming that in various media markets these core journalistic practices are currently adapting to an austere (compared with the past) media ecosystem, as well as to a differentiated newsroom role against a background of digital revolution in the media field. By means of digital tools, journalistic investigation has been facilitated to a great extent. However, the acute crises afflicting the media industries have operated as a severe deterrent to costly investigative journalism. Given the prevalent financial constraints in media markets, testified to by journalists in most countries participating in the 2021 Media for Democracy Monitor (MDM), investigative reporting seems to have become a luxury process, despite it being a journalistic bulwark against fake news narratives and unethical standards in media organisations. We conclude the chapter with a discussion of the existence of investigative reporting being proportional to the financial strength that characterises the media organisations at the national level, and that targeted public subsidies, where applicable, seem to have proved effective during times of economic recession.