While the business has reckoned with more seismic deals in recent years, among them Disney-Fox and AT&T-Time Warner, this time the reality seems to be dawning that bigger is not always better. Streaming platforms swim in red ink and legacy media assets (mainly linear TV) are eroding. Yes, Zaslav has hinted at opportunities to be had, but WBD was not really considered a buyer given its oft-stated focus on reducing its enormous debt. It’s not clear how trying to swallow a company with hefty debt of its own solves any problems.