The more time passes, the more I suspect there's a reason they haven't, such as a major content deal with Netflix that would be lost if an acquisition occurs.
I suspect that's the case too. However, if Apple could buy Netflix without any effect on content deals, Apple would need to raise prices to hit their target margins. When Netflix raised prices by $1, people were practically grabbing pitchforks and lighting torches to storm the castle. Imagine Apple Netflix with pricing bumped to 1.5X or 2X... or more.
Or maybe
that's why Apple has NOT purchased a Netflix or similar?
If anything, I think Disney would make the most sense. You get content, a huge network (ABC), AAA brands incl. Star Wars and Marvel, Pixar.... they would be able to parlay that into a major competitor overnight. As for anyone saying "oh well in that case I'll just not watch any of that stuff again," don't bother lying.
I agree... though suspect that Apple values video content about like we consumers seem to believe it should be valued. Back in the days when the rumor of an Apple subscription service was hot & heavy, lots of rumors of failing (to strike a) deal were flying that laid blame at deal collapse on "Apple wanting everything" implying "leaving us with nothing." Whether true or false, I saw enough of that to perceive that Apple has a hard time striking win:win deals for media. Apparently, Apple is loading the win for Apple but not a great partner. Perhaps that why rumors of an Apple streaming video deal predates pretty much all of the ones that are already fleshed out, launched and being consumed on Apple's own hardware now?
Nevertheless, Disney does seem like a great fit.
I think Apple could benefit by bypassing the middleman (broadband cable) by buying DISH. A problem for all streamers trying to basically eat up cable's TV subscription business is that they all have 100% dependency on the broadband pipe generally owned by cable. As public companies, cable is obligated to maximize for their shareholders. So if TV business revenues are going to be taken, they seem very likely to make up for them with higher broadband rates. Consumers looking for net cheaper outlays for cable will probably end up paying more for less than what they got with a cable/satt subscription, PLUS a more expensive broadband bill. And an Apple can't do anything about it because the pipe is completely controlled by Cable.
However, buy DISH, repurpose it as a broadband bypass and Apple could cut that particular middleman out of the equation between consumer and iCloud. Of course, that's only a North America opportunity so there would be challenges capitalizing on the same on a global basis... but the primary hurdle I see in all versions of a "new model" is that Cable is the entrenched toll masters of the broadband pipe for pretty much all of us. Until there is a good option to bypass them, I don't see how a good crack at "the dream" can be realized.