Microsoft’s (MSFT.O) chief executive has been buying new businesses at an impressive clip.Even if Nadella loses out on the video-game company for competition reasons, however, owning Netflix would make strategic sense and probably be an easier sell in Washington and Brussels.Netflix chose Microsoft as its advertising partner for a new advertising-supported subscription service.And after taxing the $8 billion of operating profit that analysts project for Netflix in 2024, the implied return on investment would only be half its 8% weighted average cost of capital, per Morningstar analysts.CONTEXT NEWSThe U.S. Federal Trade Commission on Dec. 8 sued to block Microsoft’s $69 billion acquisition of video-game developer Activision Blizzard, arguing that the combination would hurt consumers because it would give the software company an unfair edge against competitors of its Xbox gaming consoles and cloud-gaming business."