Wow. A lot of hubris in those acquisitions. Building a large conglomerate on a very shaky foundation. Sounds like Bo was too focused on growing and not focused enough on making sure the product he was putting out was going to support them.
Most game studios aren't well diversified - one failure can kill them. But making wide-ranging purchases well outside your core competency isn't the path to financial independence. It can accelerate things, but you need to start by first having a better cadence of product releases. If you 3 or 4 teams alternating releases, then you're never wholly dependent upon one product. If one of your 4 teams puts out a monumental flop, you can still count on the others to help prop them up.
Turning into a hardware company making a too-expensive VR solution when you're still riding on a 3+ year old game... no.