The movies, which are expected to include "Godzilla vs. Kong" and "The Suicide Squad," will be available on HBO Max for one month starting on the same day they hit theatres, the studio said in a statement.
"Mortal Kombat," a new version of "Dune" and a "Matrix" sequel also are scheduled to follow the new release pattern.
Shares of AMC Entertainment, the world's largest theatre operator fell almost 16%, and rival Cinemark dropped about 22%. AT&T shares closed up slightly.
The change, led by WarnerMedia CEO Jason Kilar, was the most aggressive move to date to bring movies into homes sooner, and it sent a shock across Hollywood. theatres have long resisted attempts by studios to shorten the time that cinemas can offer new movies exclusively.
Kilar, a former Amazon.com Inc executive and the founding CEO of Hulu, took over AT&T's media division in May and has restructured businesses to focus on HBO Max, the company's new competitor to Netflix Inc.
Warner Bros executives said the strategy was prompted by the coronavirus pandemic, which has limited moviegoing and kept many cinemas closed, and would stay in effect for one year.
"We know new content is the lifeblood of theatrical exhibition, but we have to balance this with the reality that most theatres in the U.S. will likely operate at reduced capacity throughout 2021," said Ann Sarnoff, chair and CEO of WarnerMedia Studios and Networks Group.
For consumers, watching at home could cost less than a trip to the theatre. HBO Max charges $15 a month, while the average cost of two movie tickets in the United States reached $18.32 in 2019, according to the National Association of Theatre Owners.
A Cinemark representative said in a statement that Warner Bros had not shared details of its new distribution plan.
"In light of the current operating environment, we are making near-term booking decisions on a film-by-film basis," the statement said.
Other theatre operators did not immediately respond to requests for comment.
Theatre chains have been devastated by the pandemic and have been forced to lay off workers and borrow funds to stay afloat. Smaller chains are lobbying for emergency aid from the U.S. government.
Cinemark and AMC also reached agreements with Comcast Corp's Universal Pictures to show films that will be made available for home viewing as soon as 17 days after they reach theatres.
Walt Disney Co has moved a few movies from theatres to its Disney+ streaming service. The company is expected to unveil details about its streaming plans on Dec. 11.
