Netflix today reached an exclusive multi-year agreement with the CW to stream all past seasons of the network's shows online in the US. According to The Hollywood Reporter, the company has the streaming rights to hit series like The Flash and The Vampire Diaries, and starting with the 2016-2017 season, viewers will be able to watch the latest full season of new shows like Supergirl only eight days after the season finale airs.

"Netflix members in the U.S. love the great lineup of series from The CW, and we are thrilled to extend the relationship and bring those shows to our members exclusively now, just eight days after their season finales," said Netflix content boss Ted Sarandos in a statement.

In addition, the most recent seasons of the critically acclaimed shows Jane the Virgin and Crazy Ex-Girlfriend just became available to watch.

Good news for Netflix, bad news for Hulu

This is a big deal for Netflix and its subscribers. While CW shows are already on the platform, viewers usually have to wait a year or so before the last season is made available for streaming. That changes with this deal. And with Netflix about to become the exclusive home for Disney films this fall, a Netflix subscription suddenly looks a great deal more appetizing. Of course, this exclusivity pact hurts Hulu, where viewers could up until now watch episodes the day after they air. With its own deal with the CW set to expire soon, that won't be possible, and Hulu will need to start hunting for its own exclusivity deals.

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