Netflix’s deal to acquire Warner Bros., one of Hollywood’s oldest movie studios, poses seismic shifts to the entertainment industry and the future of moviegoing. As one of the remaining “big five” studios,

Netflix has triumphed in the bidding war for Warner Bros. and HBO.

The Netflix-Warner Bros deal risks eliminating 25% of the annual domestic box office, said Cinema United, the trade group representing 30,000 movie screens in the United States and 26,000 internationa...