Netflix Strikes Deal With CBS

NEW YORK ( TheStreet) -- Netflix ( NFLX) has partnered with CBS ( CBS) to expand its selection of streaming television shows.

The two-year, non-exclusive agreement, with give Netflix access to new shows such as "Medium," "Flashpoint," and classics like "Cheers," and "Frasier."

CBS retains the option to extend the agreement an additional two years.

Netflix subscribers will have access to this content starting in April.

The news comes as Amazon ( AMZN) is launching a streaming membership service of its own. Through the Amazon Prime membership, which charges users $79 annually for free two-day shipping and low-cost next-day shipping, subscribers can now watch about 5,700 movies and television shows through Amazon's on-demand video service for no additional charge.

--Written by Jeanine Poggi in New York.

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