It removes metadata (in the dumbest way possible - convert to raster and back) and also inserts random noise to defeat straightforward stego.
Watermarking may or may not survive that kind of process - depending on the kind of watermark it might be designed to still be detectable even in low-quality copies.
That is, maybe you can use video and audio filtering/manipulation to push the watermark bandwidth down to one bit of watermark per 1 GB of data, but with 100 participants and 7 GB of data, 7 bits is enough to identify the leaker.
Much of the works that makes up good journalism is the summarisation in a comprehensible manner of the full data they gathered.
Any number of techniques like this could be used, such that you can't be sure the "watermark" is gone without making the document functionally useless - especially if you don't know what the watermark is. e.g. maybe you take a black and white photo of the document above, but they also changed some of the wording on the page in each version.
+1 to my sibling comment's point about how each digital device you use to cover your trail will do its best to leave a new trail.
Thinking about this starts to border on paranoia, but if the document is written by a sufficiently determined organization, it's all possible.