An announcement regarding Netflix CEO Reed Hastings stepping down from Microsoft Corp.’s board of directors has triggered rumours that the software company may be targeting the leading online video subscription service provider for acquisition.

According to an article in Forbes, buying Netflix would be in keeping with Microsoft’s revamped philosophy on the Xbox 360, which is now treating the device more like an entertainment device and less like a video game console. 

However, it remains to be seen whether the rumours are true or not. Nevertheless, Netflix recently announced a stockholder rights plan intended to protect Netflix and its stockholders from hostile takeovers.