Profound upheavals and the search for a viable business model have led the news industry to explore new sources of revenue. The mainstream Spanish media have set up special units to produce branded content, advertising that is integrated into editorial content. This article presents a multi-faceted approach to this practice in Spain, including interviews with branded content lab managers, a survey of journalists (N = 170), and content analysis of articles (N = 331) published by the six main legacy and digital native media companies in June and July of 2019. Results show inadequate disclosure, which makes it difficult for readers to distinguish between branded and editorial content. The journalists surveyed associate native advertising with the risk of losing credibility. This study reveals that the financial sector is the most active in supporting branded content productions, followed by energy and infrastructure, distribution and food industry, and phone companies. This research also unveils advertiser interest in connecting brand image to environment and sustainability values, together with a macro-issue encompassing well-being, sports, and health. This is consistent with the fact that the strongest role performance observed has been for service information, especially regarding tips for the economy, followed by those of the civic and infotainment categories.