If Warner Bros. Pictures were to be sold to Netflix, the streaming service would likely alter its approach to releasing movies in theaters. Warner Bros. Discovery, which is run by David Zaslav, has put itself up for sale.

Netflix, Paramount and Comcast submitted bids to acquire the Hollywood colossus, which owns the Warner Bros. movie studio, HBO, and cable networks like CNN and TNT, four people with knowledge of the proposals said. The outcome of the sale could alter the trajectory of the entertainment business.