New Delhi, Dec. 14 -- Netflix's audacious bid for Warner Bros Discovery has sent ripples through Hollywood, and landed squarely in Indian cinemas, where exhibitors see both a looming disruption and a surprising opportunity.

Even as The Multiplex Association of India remains concerned about Netflix's massive $82.7 billion acquisition bid for Warner Bros that could disrupt the studio's supply of Hollywood films to theatres, and might instead stream them directly online, the past week has seen theatre owners in India anticipate mixed results from the deal. Exhibitors say the battle is about more than studio ownership: it could reset the balance between cinemas, streaming platforms and global film distribution.

The deal includes Warner Bros...