If editorial costs are a mere 14% of revenue, then the hugest mistake of the last 5 years has been the brutal hollowing out of editorial staff, which results in less content to sell and, indirectly, in less good content to sell against.
Advertising, Google, and the Crisis in Journalism, via The Awl.
POLGREEN 
Obviously you know nothing about loading up a property with long-term debt and selling it off for quick profit, which is a business model and not a bust-out.
I can’t believe I’m dating you.
Actually, that was mean. I’m sorry, WoF. I didn’t mean it like that.