It’s been less than five years since David Zaslav, the CEO of Warner Bros. Discovery, struck a deal that seemed like the highlight of his career. Now, with Netflix planning a major acquisition of Warner Bros., Zaslav finds himself at the center of an even bigger story.
Zaslav, often referred to as “Zaz,” has built his reputation in media. He began at NBC and later turned Discovery Inc. into a powerhouse, focusing on reality TV. In 2021, he merged Discovery with WarnerMedia, bringing together major brands like HBO, CNN, and Warner Bros., known for classics like Harry Potter and Casablanca.
He described this merger as a way to create value and excitement. “These historic brands are better together,” he said. He claimed this partnership would unlock opportunities for everyone involved—from Hollywood creators to viewers.
Fast forward to December 2025, and the situation doesn’t seem as bright. Many feel disappointed, not fulfilled. Hollywood insiders, who expected more resources and broader audiences, faced budget cuts instead. They’re still waiting for revitalized box office returns. Shareholders hoped for a robust financial future but have seen stock prices fall.
Fans were promised a wider array of choices but instead saw a muddled streaming platform. Although Barbie became a massive hit, it was in development long before the merger.
One person who seems to be doing well is Zaslav himself. He remains one of the highest-paid executives in the U.S., with a pay package last year worth $51.9 million.
Warner Bros. has a long history of mergers, with past partners including Time Inc., AOL, and AT&T. Now, Netflix plans to acquire Warner Bros. and HBO for a staggering $82.7 billion. Their press release echoed familiar promises: “more choice, more value.”
Interestingly, just a few years ago, Netflix was a small player, licensing older movies. Warner Bros. dismissed its rise, with then-CEO Jeff Bewkes saying it was akin to the Albanian army taking over the world. Now, the landscape is entirely different, and Netflix is set to own part of Warner Bros.
What does this mean for the future of media? The cycle of big deals raises questions about whether today’s promises will hold up. Will this latest acquisition bring the expected benefits, or will history repeat itself?
