You target the content and location and not the user. That is how advertising had worked throughout history,for example with TV,news papers and magazines.
If you've never heard of direct marketing, you're in for a big surprise.
I'm not sure where you stumbled into this idea, but advertising hasn't worked this way since well before the golden age of positioning...which predates the Mad Men era.
Yes absolutely it is. Cartoon channels get cereal ads. Drama shows get tax ads. They didn't know I was watching.
I'm not going to argue with you, just go check Cartoon Network's media kit.