09/30/2014 09:41 EDT | Updated 11/30/2014 05:59 EST

Netflix takes stab at big screen with Crouching Tiger sequel

Netflix and the Weinstein Company are teaming up to release the sequel to Crouching Tiger, Hidden Dragon simultaneously on Netflix and Imax theatres next summer.

The deal, announced Monday, represents a coup for the digital streaming service as it levels a blow against Hollywood's exhibitors and their traditional stranglehold on movie releases.

"Fans will have unprecedented choice in how they enjoy an amazing and memorable film that combines intense action and incredible beauty,” Netflix chief content officer Ted Sarandos said in a joint statement cited in Variety magazine.

Harvey Weinstein, co-chairman of TWC, characterized the move as responding to a media industry in flux: 

"The moviegoing experience is evolving quickly and profoundly, and Netflix is unquestionably at the forefront of that movement," the statement read.

Netflix and the Weinstein Company are also working on a drama series about Italian explorer Marco Polo.

Digital's expanding domain

Netflix has given traditional television networks a run for their money with their original and Emmy-nominated programs such as Orange is the New Black and House of Cards.

Now, with its first of several feature films coming down the pipes, Netflix is in play for the film industries' coveted Academy Awards.

​Crouching Tiger director Ang Lee is not signed to direct the long-awaited sequel to his Oscar-winning blockbuster.

The followup, titled Crouching Tiger ​Hidden Dragon: The Green Legend, will this time be helmed by famed martial-arts choreographer Yuen Wo-Ping. 

Michelle Yeoh is set to reprise her starring role as wise warrior woman Yu Shu Lien.

The Green Legend will hit Imax theatres and Netflix starting Aug. 28.

Netflix subscribers will be able to stream it at no additional cost.