Feb 23, 2011 17:31 GMT  ·  By

CBS and Netflix have just announced that they have signed a two-year, non-exclusive licensing agreement to offer consumers new library content.

Even though the terms of the deal haven’t been disclosed yet, it looks like CBS has the option to extend the agreement for up to two additional years.

“We are thrilled to be bringing CBS shows to Netflix and are looking forward to growing our relationship over time,” said Ted Sarandos, chief content officer for Netflix. ”Netflix is now the only online premium subscription service with shows featured on all four broadcast networks and dozens of cable TV’s biggest brands.”

In addition to episodes from popular franchises, such as “Medium” and “Flashpoint,” the agreement also covers full seasons of sitcoms like “Frasier,” “Family Ties” and “Cheers.”

They will be streamed instantly from Netflix beginning in early April, along with dozens of other shows from CBS.

Episodes from the original “Hawaii Five-0” are also said to be included in the package, along with episodes of some of the most successful sci-fi series, “Star Trek” and “Twin Peaks.”

For nostalgic customers, Netflix prepares installments of ’60s classics, “The Twilight Zone” and “The Andy Griffith Show.”

The new agreement will considerably extend Netflix's library of television shows and movies, which will be available to watch from most smartphones for only $7.99 per month.

Netflix is a subscription-based movie and television show rental service that offers media to subscribers via Internet streaming.

Even though the company has more than 10 million subscribers, it only offers on-demand video streaming over the internet in the United States and Canada.

In addition to its Internet video streaming service, Netflix is also offering flat rate online video rental of DVDs and Blu-ray discs in the United States.