Miramax, the studio behind some of the most iconic independent movies of recent decades, and Netflix Inc. are finalizing a five-year deal worth more than $100 million to stream its library of more than 700 titles, according to people familiar with the situation.

The tentative deal marks a milestone for the investor group that bought Miramax from Walt Disney Co. last year for $660 million. The investor group, Filmyard Holdings LLC, is led by Los Angeles investors Ron Tutor and Tom Barrack. To earn back its investment, the...