Good thing this was forbidden in the EU a few years back. As a user, you can't refuse "necessary cookies" but those from third parties you can (e.g. Google analytics).
Imposing personalized ads if you don't pay is definitely forbidden in the EU I'd say
They use every loophole legally available to them (you know what I mean, the button "I agree to sell my soul" being a hundred times bigger than the link to "I'd like to review your data collection and say which analytics service I adhere to").
But I haven't seen a website where they threaten compulsory personalized ads if you don't pay. It's generally "pay or you get cookies". But I tought those weren't third party cookies, just in-site ones.