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TeleRead has great e-book related content that compliments this and other sites. It is certainly not "going away," and even this ad change is not that significantly different than it was before the site's ownership changed.
Yes, the ads slow the site down, but that is more of a reason to use ad-blockers, use the mobile link, or go with RSS, instead of simply walking away from all that content. Do yourself a favor and check out those options first!
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