> The opposite is true: Less personalized ads -> Lower revenue per user -> An even smaller budget for journalism.

I read an article recently that made a good point: personalized ads aren't advertising; it's really direct marketing, just like junk mail, spam, and telemarketing.

"Personalized advertisers" are also very mercenary, and no quality publication can rely on revenue from them. They'll use your content to profile your audience, then abandon you and target them on cheaper websites your users also frequent.

Edit: here's the article: http://blogs.harvard.edu/doc/2018/05/12/gdpr/