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Eyeballs aren't everything. It's possible that they get more of a return out of print ads than out of ads in other media, despite having less percentage of the eyeballs. I don't know if this is true or not, but it could be true. Businesses do make mistakes, but generally, they aren't going to overpay if they realize they are overpaying.
Perhaps the ads in print are read by people with more disposable income. Perhaps people are more likely to respond to print ads than mobile ads. I'm often baffled by on-line ads, often I see ads that don't match with what someone viewing that web page would actually want. Print ads are generally more tailored to the demographic that would read that magazine.
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