It’s less than five years since David Zaslav, CEO of Warner Bros Discovery, negotiated what looked like the deal of his career. Now as Netflix plans a landscape-changing takeover of Warner Bros, he’s in the middle of an even bigger one.

Zaslav, or Zaz, is a hard-charging, well-connected executive who cut his teeth inside NBC, and ascended into New York’s media elite as he transformed Discovery Inc from a nature- and science-focused cable broadcaster into a reality TV giant.

But he elevated himself to moguldom in 2021, crafting a mega merger between Discovery, home to hit shows including 90 Day Fiancé​ and Naked and Afraid, with WarnerMedia, home to HBO, the premier cable channel; the CNN news network; and Warner Bros, the legendary movie studio behind hit movies from Harry Potter and The Dark Knight to Casablanca and The Exorcist.

Such esteemed pillars of media are “better and more valuable together”, Zaz claimed as the plan for Warner Bros Discovery was unveiled. “It is super exciting to combine such historic brands, world-class journalism and iconic franchises under one roof and unlock so much value and opportunity.”

”We believe everyone wins,” he declared – promising great returns for Hollywood producers and stars; investors on Wall Street, and beyond; and fans and viewers around the world.

It is now December 2025, 55 months after the tie-up was announced, and 44 months after it was sealed, and few feel as if they have won.

Operators in Hollywood, promised “more resources and compelling pathways to larger audiences”, have endured cost cuts and a continued struggle to revitalize returns at the box office.

Shareholders in Warner Bros Discovery, promised a “globally scaled growth company committed to a strong balance sheet”, have watched as its stock suffered steep market declines and its executives struggled to strengthen its balance sheet.

And fans and viewers, promised “more diverse choices”, grappled with a streaming platform that couldn’t even decide on a name. While Barbie surged out of a distinctly mixed bag of Warner Bros cinematic releases since the merger, it had been in the works for years before Discovery came knocking.

It’s hard to believe everyone has won, or that so much value and opportunity has been unlocked, although one man has done relatively well. As president and CEO of Warner Bros Discovery, Zaslav maintained his status as one of the best-paid bosses in corporate America. Last year alone, his total pay package was worth $51.9m.

Warner Bros, founded more than a century ago, has been subjected to more than its fair share of Wall Street deal making. Over the years, matchmakers have paired the revered giant with Time Inc, the magazine publisher; AOL, the early dotcom colossus; and AT&T, the telecom giant.

Discovery is just the latest​ episode of this poorly performing franchise. Now Netflix is picking up the baton, with an $82.7bn (£62bn) deal to take assets including Warner Bros and HBO off Discovery’s hands.

​A press release ​i​ssued by the two companies​ included a familiar promise: the proposed combination​ will generate “more choice, more opportunities, more value” for Hollywood, investors and viewers, it said.

​Two troubled takeovers of Warner Bros ago, Netflix was an upstart streaming service licensing old movies and TV series for people to watch on their computers. While the tech firm’s remarkable success raised sweeping questions around the future of entertainment, those in charge of Warner Bros were highly dismissive.

“It’s a little bit like, is the Albanian army going to take over the world?” Jeff Bewkes, ​the then CEO of Time Warner,​ ​told the New York Times in 2010. “I don’t think so.”

​The world has now shaken hands with the Albanian army, and agreed to a takeover. It looks very different today. But some things never change.

Another deal for Warner Bros. Will this one work out?