The migration of the media industry towards online channels has changed the relationship between publishers and advertisers. To reach specific target groups in the past, advertisers had to rely on publishers that catered to those groups. For example, merchants trying to reach businessmen would advertise in the Wall Street Journal. Outlets with valuable audiences could charge high prices for ads in their publications. With online advertising technologies, the gatekeepers to specific demographics are no longer the publishers. Now ad-tech firms control the access to specific target groups. As online advertising technologies have become more advanced, publishers seem to be getting a shrinking fraction of advertising expenditures. In this study, I seek to determine whether the fraction of merchants’ advertising expenditures captured by publishers decreases as the use of targeting technologies increases. Preliminary results suggest that while advertisers pay significantly more for behaviorally targeted ads, most of the price difference is apparently captured by online advertising platforms and other intermediaries, while only modest share of the additional revenues reaches publishers.