It is not such a stretch to imagine the deal happening. The two companies are already closely aligned. Netflix chose Microsoft as its advertising partner for a new advertising-supported subscription service. Microsoft President Brad Smith also sits on the Netflix board.

What Vole might want is to offer a video-game streaming service over multiple devices. Netflix has its own big plans in gaming. In 2022, the company co-led by Reed Hastings snapped up developer Spry Fox, its sixth in-house studio. Becoming part of the Microsoft empire would supercharge those ambitions. A bundle with streaming TV and games together is not hard to fathom.

Microsoft would have no problems affording Netflix even if it pays a 30 per cent premium, which would value the Netflix enterprise at nearly $190 billion.