LOS ANGELES – One day after Disney's new streaming service Disney+ launched, Netflix had a big announcement of their own.

Netflix announced a deal with Nickelodeon to produce animated television shows and movies that would be based on new characters and old favorites from the network, according to the New York Times.

A "SpongeBob SquarePants" spinoff is one part of the multiyear deal that is estimated to be worth more than $200 million to Nickelodeon, the New York Times said.

The two companies did not disclose details, including specific characters, number of shows or the length of the deal.

Disney+ lit a fire under the already hot streaming wars. The company announced Wednesday that 10 million people had signed up for the service in the first day of its launch, surpassing all expectations.

According to the New York Times, Nickelodeon opted for a strategic shift to partner with an established streaming service instead of creating its own.

"Nickelodeon's next step forward is to keep expanding beyond linear platforms, and our broader content partnership with Netflix is a key path toward that goal," Nickelodeon's President Brian Robbins, said in the news release.

With this being a done deal, let us know in the comments which Nickelodeon shows you want to see on Netflix.