Paper Trail Media is an investigative start-up based in Munich. The editorial team, founded in 2022 by two Pulitzer Prize winners, Bastian Obermayer and Frederik Obermaier, works for the news magazine Der Spiegel, ZDF, the Austrian daily newspaper Der Standard and the Swiss Tamedia group.[1] With Obermayer and Obermaier as well as the Austrian Christo Buschek, a total of three Pulitzer Prize winners work for Paper Trail Media - more than in any other European media company.