Future freemium competition springing up isn't solved by this one remarkably expensive deal (which suggests Adobe is desperate, and a whole other topic). In another year or other relatively short amount of time, Adobe will need to keep executing and succeeding in acquisitions of freemium competitors who can spring up with weed-like ease. If Adobe fails to secure one the better ones, and Microsoft or any other semi-capable mega titan scoops up the competition, Adobe is the directly at risk of it's position eroding and ultimately systematically getting crushed in the seas of the open market.
All because Adobe continually chooses to rely on an easy $7-8 billion in ARR from CreativeCloud, rather than wise up and realize they need to evolve their strategy to better align with reality.
I know people at Adobe and have worked with several who are actually very good, so I'm a little perplexed. From the outside, it's hard to understand why the organization is so dysfunctional. Is upper management stuck in 90's style thinking? I wish I could be a fly on the wall at some of these meetings (probably they are mostly super boring, so only the [likely ongoing] pivotal moments where they fail to explore better paths forward, please ;)