The topic is the ability of one company to purchase another. It's not about how man employees or how many assets Disney has, unless they were to be sold to purchase Netflix.
Yes the cap is the sum of current price but what offer could Disney make that Netflix holders would accept? Where does Disney, a company the just fired 7000 employees to save cash and is letting go very high profile talent/brands from one of their flagship lines in order to scrape a few more pennies into the till, get the cash to buy out the biggest streamer in the market---at a time when streamer is undergoing a seismic correction due to low (or, in Disney's case less than zero) profitability?
Netflix's current profits would barely cover Disney's current streaming losses. Who would vote for this? oh....