Netflix Inc. has reached a multi-year agreement to stream movies from Paramount, Lions Gate and MGM online starting Sept. 1. It's a major move as Netflix looks to cater to people who want to watch movies instantly.

Epix is a joint venture between Viacom Inc., its Paramount Pictures unit, Metro-Goldwyn-Mayer Studios Inc. and Lions Gate Entertainment Corp. Netflix is trying to migrate its customers from ordering DVDs by mail to accessing them online, partly to save postage costs.

Epix and Netflix didn't discuss specific terms of their partnership, but people familiar with the deal told the Los Angeles Times that it will last five years and could be worth as much as $1 billion over that time span.

Read the full Bloomberg News story.

For reprint and licensing requests for this article, CLICK HERE.