This paper presents a state-of-the-art overview on journalism and its opportunities and challenges in virtual reality. First we take a look at what kind of real-life journalistic experiments there have been made in this field so far, then we analyze the research literature on journalistic VR. The paper proceeds to discuss the emergence of virtual reality and immersive journalism explored in the latest reports in the fields of HCI and VR design. In order to analyse VR-journalism further, early draft of analysis model is being developed based on sample of three VR-productions and four VR-applications. The paper concludes to discuss the results of the analysis and outlines more advanced and interdisciplinary research approach for studying and designing journalistic VR productions.