Well the answer is simple, yes and it is in the process of penalizing more websites that exist, or Google believes exist, purely to push web adverts on their websites.
The head of Google's web spam team announced at the PubCon conference in Las Vegas on November 7th, 2011 that Google was testing improved algorithms that will determine how much of your content is available above the fold, before you have to scroll, on a web page to your web site visitors. Websites that have lots of ads that obscure the content of the page where warned they may see penalties applied to their website as a result.

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