Ultimately the best buy would have been to buy up Hollywood.
They can't really say they don't know the well business well enough because they do with iTunes. True they would have a steep learning curve on the production side. Google would probably have the easiest time buying Hollywood as 50% of their programmers seem to double as film producers for some odd reason.
Then you have the whole standard oil thing if they started buying studios.
Ultimately, Hollywood is going to be fragmented and sold to the big 3 as more actors investing tech appear in games and muddy the waters between film and software entertainment.
Microsoft won't be a player as usual, as they sit up in Redmond annexed, and their SoCal office is pretty much annexed as well. Microsoft can "do it better themselves" which means they try it privately, realize how lame they are compared to real professionals, then scrap the project before the public sees it. Halo movie anyone?
Look at Laura before and after G4. You can't just lift people out of the environment and manufacture super teams. Microsoft doesn't get it. The result is not the sum of the parts in media.
I think Google has the best shot at film and TV.
It would have been nice to see Apple try with 100B