Last week the video-rental-service-turned-streaming-giant paid an estimated $1 billion for five-year exclusive U.S. rights to Sony’s theatrical releases and right of first refusal for the studio’s direct-to-streaming productions. If Netflix is going to spend that kind of money, shouldn’t it have just bought Sony outright? It’s what many people expected, and all the other major Hollywood studios have been gobbled up by other corporate giants. Josef Adalian explains why a purchase might have made sense for Netflix five or six years ago but not now. – Vulture