Let's not forget Nikon had no cine line, it was a clean buy with zero conflict of interest. Canon and Sony already have full cinema lines, so buying ARRI would create instant internal turf wars. Canon’s C-series and Sony’s VENICE would clash hard with the Alexa pipeline.
At this point the wild card that makes the most sense is Apple. They could scoop ARRI up without blinking, keep it running as a prestige pro division, and then quietly bake LogC + ARRI color science straight into the iPhone Pro pipeline. Zero internal conflict, huge marketing flex, and a perfect fit with Apple’s long-term imaging strategy.