It's hard to measure their profitability, since normal accounting doesn't capture how they work. The money they pay for content should be considered an "investm

It's hard to measure their profitability, since normal accounting doesn't capture how they work. The money they pay for content should be considered an "investment," and expensed over the next few years, not all at once. An article they create today will probably still be getting visits in five years. I would love to see their expected future traffic, and current cost, for the content division. What you might see then is that a piece of content costs $X, and earns $.75X... then $.75X next year, and the year after, and so on.