Someone once told me this... Have everyone in your house read a book in their free time - and have them discuss the books they are reading with one another at the dinner table, or at other times throughout the day. Make it animated and interesting.
When my kids were younger I did activities related to the books we read. We read cloudy with a chance of meatballs - then throughout the week did various projects like make a muffin tin lunch, did a neat art project, made our own short picture book (of the food we would want to fall out of the sky). We also watched the movie (it had just come out to theater at the time). - my kids couldn't read that book at the time so I read it to them. However, I also did this with other books that they could read - like Eric Carles. We even created a habitat for hermit crabs, bought hermit crabs, and learned about taking care of them.
When they are young, make it interesting. Bring the book alive.
Ps. Thank you for this post, it made me think back, and I now realize some additional tips in dealing my struggling readers. Mine are older 8 and 10. However, I think they lost the magic while in public school.
Have you thought about letting him pick out books he wants to read & if they are more then you think he can handle with out a lot of help you could get the audio book & he can listen as he reads along. This is a trick I have used with my oldest & am using still with my younger children.
Don't do tears and time out, just close the book, stand up and walk away... Say.. "Well, let's try this when you are ready."
Then, when he wants to turn on TV or video games or something else... say, "Reading practice comes first, so let me know when you are ready to finish reading."
However, I will say, if the above tactic just makes him seem to like reading less... then just drop it. He's five. SHOW him how to love books instead of trying to make him.
Play phonics based games... like instead of doing sight words in a boring way... add a flair to it. Tell him to "pop" up and yell out his popcorn words... Have him run to the wall and slap the words you tape to the wall with a (clean) flyswatter. Decorate the flyswatter to look like a cool word whapper or something.