Bloomberg:

Apple has struggled for years to pull off bigger deals because of a series of quirks: an aversion to risk, reluctance to work with external advisers like investment banks and inexperience in closing and integrating large takeovers, said people who have worked on acquisitions with the company.

I don’t know if the article is correct but they don’t seem to take into account the fact that, as Tim Cook has often said, Apple buys companies for the usual reason but also because the company and people “fit” with Apple. That’s easier to do with a smaller company than it would be for a Netflix-sized acquisition.