Investigative reporting in America did not begin with Watergate . But it became entrenched in American journalism — and has been steadily spreading around the world — largely because of Watergate.

Now, 40 years after Bob Woodward and Carl Bernstein wrote their first stories about the break-in at the Democratic National Committee headquarters in Washington’s Watergate office building, the future of investigative reporting is at risk in the chaotic digital reconstruction of journalism in the United States. Resource-intensive investigative reporting has become a burden for shrunken newspapers struggling to reinvent themselves and survive. Nonprofit start-ups seeking to fill the gap are financially fragile themselves, with their sustainability uncertain.

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