Netflix has nabbed a deal with The Weinstein Co. to stream the sequel to Ang Lee's Academy Award-winning martial arts drama, "Crouching Tiger, Hidden Dragon" on the same day that it will appear in IMAX theaters next year.

Netflix

The film, "Crouching Tiger, Hidden Dragon: The Green Legend," is set to debut on August 28, 2015. Lee is not involved in the project, which will be directed by martial arts choreographer Yuen Wo-Ping. It stars Michelle Yeoh and Donnie Yen.

It also marks the first fruit of work carried out by the company's chief content officer, Ted Sarandos to nail this sort of deal where Netflix gets to participate in hosting films that premiere on the same day as they appear in IMAX theaters. In statements released with the announcement, the companies said this would be the first of several such projects.

"Fans will have unprecedented choice in how they enjoy an amazing and memorable film that combines intense action and incredible beauty," said Sarandos. TWC Co-Chairman Harvey Weinstein added that "the moviegoing experience is evolving quickly and profoundly" adding that "Netflix is unquestionably at the forefront of that movement."