In today’s Digest, we discuss Portugal fining telecoms companies over ad collusion, The Trade Desk’s CRO stepping down after seven months, and software buyouts falling to pandemic-era lows amid an AI-driven market rout

Portugal fines Telcos over ad collusion

The Portuguese Competition Authority (AdC) has imposed a combined €13.3m (£11.44m) in fines on telecoms operators Meo, Nos, and Vodafone, as well as consultancy firm Accenture, over an agreement deemed anti-competitive. The regulator found that the companies coordinated the introduction of 30-second advertisements before viewers could access automatic TV recordings through the Playce platform. 

According to the AdC, the arrangement standardised the sale of advertising inventory, including pricing and discount structures, reducing competition between providers and making it more difficult for customers to switch services. The platform was suspended in May 2025 after the regulator issued its preliminary findings.

Vodafone and Nos have both said they intend to challenge the decision in court, arguing that the ruling is flawed and lacks a sufficient legal basis. Nos also claimed the decision could hinder innovation and competition in Portugal’s advertising market. 

Trade Desk CRO out after 7 months

The Trade Desk has confirmed the departure of chief revenue officer Anders Mortensen, who held the position for just seven months. As part of the leadership change, Chief Operating Officer Vivek Kundra will assume responsibility for the revenue function while retaining his existing COO title.

In a statement, the company described the move as part of the natural evolution of a growing global technology business. The Trade Desk said it remains focused on delivering results for clients and expressed appreciation for Mortensen’s contributions during his tenure.

Software buyouts hit pandemic low

Private equity investment in software companies has slowed sharply as uncertainty around the impact of AI weighs on dealmaking. According to data from PitchBook analysed by the Financial Times, software buyout transactions totalled just USD$50bn (£39.5bn) in the first five months of 2026, down from USD$88bn (£69.5bn) during the same period in 2025. This marks the sector’s weakest start to a year since the Covid-19 disruption of 2020.

The slowdown represents a notable shift for a sector that had long been a favourite among buyout firms due to its predictable recurring revenues and loyal customer bases.