It failed in a bid for Warner Bros. Discovery. Then, it lost out to Fox in its pursuit of Roku, according to people involved in the sale process. Netflix is increasingly showing up in the marketplace for giant deals, marking a territory for the company that historically said it prefers to build, not buy its growth.

It is one of a number of media companies interested in buying Lionsgate Studios, although Netflix — like everyone else — has not put in a formal indication of interest, according to a person familiar with the matter. Netflix has described its approach to M&A as “disciplined.” It demonstrated that with Warner Bros., to Hollywood’s dismay, and again at Roku.

Spokespeople for Roku, Netflix, and Lionsgate declined to comment.

Fox offered $20 billion in a mix of cash-and-stock for Roku. It wasn’t immediately clear what Netflix bid, or why its interest didn’t move forward. But there are some signs that it might have been a challenging deal.

A Netflix-Roku tie up would have faced tougher antitrust scrutiny than the combination of Roku and Fox, some of those people said, because Netflix produces original content and competes with the biggest players on Roku’s platform, such as Disney’s streaming services and Comcast’s Peacock. The Roku board was also intently focused on maximizing value, another person familiar with the matter said, suggesting that Netflix came up short of the $160-per-share bid that Fox offered.

Its pursuit of Warner Bros. Discovery whetted its appetite for large M&A, co-CEO Ted Sarandos said. “We really built our M&A muscle” pursuing Warner Bros., Sarandos said on an April earnings call. “We’ve learned so much about deal execution, about early integration.”