Japanese government provides insulation against foreign takeovers for Sony. Also, Netflix market cap is only $165B and makes less profit and revenue than Sony. So would never be a suitor. Sony is undervalued because they are a Japanese company & have a complicated conglomerate structure that makes it hard for analysts to forecast earnings.
That's actually false. If Sony provides Japanese with critical infrastructure then you may have a point. Japanese prevents company's from Acquiring their critical infrastructure. Any company can acquire Sony, or their Gaming Division. My eyes are on Tencent.