Warner Bros. wants you to exchange your HD DVDs for Blu-ray counterparts, for a small fee.

As of now, there are 128 titles you can convert to Blu-ray through the Warner Bros. Red2Blu program. Here are the program rules in PDF format.

If you read the PDF closely, you will find:

By Participating in the Program, you are also eligible to receive a coupon in the form of a promotional code for fifteen dollars ($15.00) off your purchase of fifty dollars ($50.00) worth of Blu-ray titles at regular prices on the WBShop.com site. Your $15.00 promotional code expires December 31, 2009.

Problem is, you’re better off buying from Amazon or the Best Buy/Target weekly promotions, because the Warner Bros. shop usually has ridiculous prices on Blu-rays.

The steps for the program are:

1. Select the Warner Bros. HD DVDs you want to upgrade to Blu-ray (Limit 1 per HD DVD title)
2. Mail the original HD DVD cover art to the Warner Bros. processing center (copies are not allowed)
3. Receive your Blu-ray discs of the same title in 4 to 5 weeks

Some things to be noted:

• Shipping and handling is a flat rate fee of $6.95. Be sure to send in plenty of HD DVD sleeves to get your money’s worth (yes, you read that right, no HD DVD discs need to be sent to Warner Bros.)
• For each title you want to upgrade, you have to shell out $4.95. So, if you’re upgrading 20 titles, that comes out to (20 x $4.95) + $6.95 = $105.95; or $5.30 per film.

Offer is only valid to Continental US, Hawaii, Alaska, and Puerto Rico residents.

[via DVD Town and Comics Worth Reading]