Darren Franich
May 16, 2011 AT 02:44 PM EDT

The popular on-demand service Netflix has finalized a deal with Miramax to feature hundreds of the company’s films. It is the first time Miramax’s film library will be streamed on a digital subscription service. In a press release announcing the deal, Miramax CEO Mike Lang describes the agreement as “an important first step in our digital strategy.”

Once a massive independent studio with corporate backing from Disney, Miramax has essentially shuttered its film production. However, it still possesses a tremendously valuable film library, with a collective 284 Oscar nominations and early films by iconic directors like Quentin Tarantino and Kevin Smith. The films will be offered on Netflix on a rotating basis beginning in June.

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