NEW YORK ( TheStreet) -- Netflix ( NFLX) announced on Friday that it will expand its licensing agreement with NBC, allowing users to stream prior televisions series from its cable and broadcast networks.

Netflix subscribers will be able to watch series like Saturday Night Live, Friday Night Lights, Monk and Battlestar Galactica, the company said.

General Electric ( GE), the parent of NBC, is in the process of selling a majority stake to Comcast ( NFLX).

This deal comes after rival and video giant Blockbuster ( BLOKA.PK) filed for bankruptcy on Thursday. While the company insists it will continue to operate amid the restructuring, there's no doubt its store base will become significantly smaller, presenting a prime opportunity for Netflix to swoop in and pick up more market share.

Earlier in the week Netflix hit a new high of $163.72 on fears of a Blockbuster bankruptcy.

Netflix has been working over the last several months to expand its streaming content, first through a partnership with EPIX, a joint venture between Viacom ( VIA), Metro-Goldwyn-Mayer Studios and Lions Gate Entertainment ( LFG) that could add up to 20,000 new titles to Netflix's streaming content.

The company also rolled out an app for Apple's ( AAPL) iPhone and iPod Touch this summer that allows users to stream content over the devices.

--Written by Jeanine Poggi in New York.

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