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.
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.