Netflix to Shake Up Movies With ‘Crouching Tiger 2’

U.S. video streaming site Netflix is to release its first movie — a sequel to the classic "Crouching Tiger, Hidden Dragon" — after striking a distribution deal with The Weinstein Company. "Crouching Tiger, Hidden Dragon: The Green Legend" will be released simultaneously on Netflix and selected IMAX theatres on August 28, 2015. The movie is expected to the first of several films to premiere on both the site and theaters. Netflix's foray into cinema could further boost its fan base and change the nature of the movie business, said Cyrus Daruwala, managing director at IDC Financial Insights.

Netflix already has a deal with The Weinstein Company that from 2016 gives it exclusive distribution rights for the studio's TWC's first-run movies. The film will be directed by Yuen Wo-Ping, known for his work on "The Matrix Trilogy" and "Kill Bill," and will see stars Michelle Yeoh and Donnie Yen reprise their respective roles as Yu Shu-Lien and Silent Wolf. IMAX is the only theater chain involved in the deal, and will help extend the company's summer blockbuster season.

Netflix's European invasion 1:09


-- Nyshka Chandran, CNBC