Marketers, understandably, have never wanted to underwrite an independent content industry, but in the wake of the quiz show scandal they had no choice. Because newspapers, television channels, and radio stations controlled access to audiences, advertisers were strong-armed into ponying up money that funded investigative journalism and educational programming. In the analog world, publishers and broadcasters bundled people into audiences, which they sold to advertisers. But in a digital world, advertisers can “buy the audience without the publication.” The sorts of people who read the New York Times, the Nation, or Cat Fancy can be reached outside of those channels, bought and sold elsewhere on the Web at a fraction of the price, with the revenue going into other pockets.
quoting from this 2012 Atlantic article: https://www.theatlantic.com/technology/archive/2012/02/im-being-followed-how-google-151-and-104-other-companies-151-are-tracking-me-on-the-web/253758/