UPDATE, 11:10 AM: This deal’s more lucrative than it initially seemed. Wells Fargo Securities analyst Marci Ryvicker figures it could be worth as much as $1B for CW. While she acknowledges that “the accounting is somewhat complex,” she says that CBS — which co-owns CW with Time Warner — might see an additional 5 cents a share annually. Lazard Capital Markets’ Barton Crockett says it could contribute 2 cents a share to Time Warner. “The money-losing CW may also retain a minority of the Netflix fee, helping reduce its losses,” he adds. The deal’s so valuable because CW’s young-skewing shows fit well with the audience that streams shows on demand from Netflix. What’s more, Netflix’s payments escalate for long-running series.

Warner Bros Television Group president Bruce Rosenblum won’t comment on the financials but says the terms “won’t be repeated” because “other networks don’t own (as much of) their own content.” This isn’t an exclusive deal in the traditional sense — the shows can appear elsewhere — but Netflix has a narrow right to show entire seasons on-demand from previous years. (Others can license select episodes.) “We know from Day 1 that the syndication on-demand window has been sold, but we also have the ability to sell linear rights down the road,” Rosenblum says. CW shows also may continue to run on Netflix even if the deal isn’t renewed; the online service has the right to keep offering series that begin while it’s in force.

PREVIOUS, 7:55 AM: This one follows the usual pattern: Nothing current — just previous seasons of CW series. And it’s not exclusive. Producers can continue to sell their shows in syndication and to other digital services. No mention of how much Netflix will pay for the programming. Here’s the release: