> monetized webpages did not exist yet The first banner ad was 1994; By the end of 1995, when he would have been deciding to go online, internet advertising wa

> monetized webpages did not exist yet The first banner ad was 1994; By the end of 1995, when he would have been deciding to go online, internet advertising was definitely a thing people were aware of. On the other hand, Waterson hated advertising. > 70% distribution ... 14% maximum distribution These numbers are not comparable: 70% is the fraction of newspapers he was in, but not everyone got a newspaper. > It's an absurdity to give up 70% distribution and a guaranteed paycheck for 14% maximum distribution and no income stream at all. He was done with newspapers, so he was giving up that guaranteed paycheck regardless. His alternative, which he took, was retiring.