The online property only accounts for about 10% of the total ad spend (over $200M/yr). The website accounts for exactly 0% of the bread and butter (high volume,

The online property only accounts for about 10% of the total ad spend (over $200M/yr). The website accounts for exactly 0% of the bread and butter (high volume, low profit) business, but easily 60% or more of the the rest of it (low volume, absurd profit). I've talked at length about it before in comments. Not really looking for the repeat discussions.