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They had basically no investor money.

> Did they provide more income than ads from subscription fees?

Yes. That's literally all they did. You paid for a subscription, and they distributed subscription fees among the sites that you visited.

In return, you got an ad-free browsing experience.

By the time they got killed, it was used on Ars Technica, TheDailyBeast, TheVerge and some other major news sites.

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