I think if some one including Microsoft wanted to acquire Netflix they probably would have already made a bid don't you think? but on the other hand I also see dell which has shrinking profits in a down trending market about to be bid on for 20 billion so it may not be to far out of question. why would you buy dell when you can have Netflix for the same cost. Netflix has out performed last 7 quarters straight and I don't see that trend stopping any time soon.
Microsoft could buy the original content outright for less than NFLX, do their own code, have it mesh with their products, and do it all for less than NFLX costs. Plus, do they want to spend 15 bil, 20% premium, and acquire a company that has an additional 6 billion in off balance debt? Netflix has a customer base, that's all, and that customer base could be stolen for less than the acquisition cost.