In M&A subtypes, so-called horizontal deals generally seem to work, where one acquires one’s own business in other markets or a competitor out of the domestic market.
In the Bonnier deal, Telia acquired a non-horizontal, complementary pay-TV business for cross-selling, but consequently had to take on a large piece of completely different business (advertising business), which, even from the perspective of target groups, is a completely different game than subscription sales.
Fortunately, the selling price was at such a good multiple – and ultimately wasn’t that far from the purchase price! And it seems there were also a few profitable years for the TV unit along the way…