Anyone is welcome to purchase a copy of Ebony magazine. It's targeted, but it's not exclusive.
Let’s take a company like REI: is it wrong for them to put their stores in places that are most profitable? Should luxury good companies be required to have store fronts in inner cities?
I’m legitimately not sure I’m comfortable with either answer. “Women / older people are unlikely to respond to this ad; so we’ll have a better ROI by excluding those groups” feels awkward but like a legitimate business interest. If I sell male hygiene products can I exclude women from seeing the ads, not because I don’t like women but because the ad is less likely to be relevant?
“I don’t want to work with women or older people so I’ll not show them the ad” feels unquestionably wrong.
I think you have to consider intent as well as outcome.
That's not what this thread is about. The question here is what is the difference between advertising on Facebook and excluding some demographics, and advertising in a paper magazine where you don't have the power to exclude anyone from viewing the ad.
And if this isn’t really any better, where does that leave you?
If your local newspaper could print a special edition for minority subscribers that didn't include job listings, that would be a problem. Advertising in a special interest publication is not, on its own, a problem. Of course there's no clear lines in reality, everything must be evaluated in context.