IMAX, while a cash cow, would be hard to integrate to Sony's existing products (outside of Sony Pictures) whereas on the other hand Netflix better integrates into the PS3, HDTVs and other Web-connected devices that have become Sony's bread and butter.
According to merger arbitrage specialist Sachin Shah, Sony has:
A lot of cash on their balance sheet to put to work if they wanted to. They could do multiple deals and it could start becoming exciting for shareholders.
It’s hard for me to believe that these guys have destroyed that much value in such a short time. Stringer really has to do something to revitalize the company. For Sony to continue to compete, they’re going to have to start doing deals.
IMAX has a market cap of $2.4 billion while Netflix is significantly more expensive at $13.9 billion.