ENTERTAINMENT
09/30/2014 01:29 am ET Updated Sep 30, 2014

Netflix To Release 'Crouching Tiger, Hidden Dragon' Sequel

"Crouching Tiger, Hidden Dragon," the Academy Award-winning martial arts film, is finally getting a sequel -- and it's going to be on Netflix.

The streaming video (and DVDs-by-mail) company announced a deal with The Weinstein Company on Monday night that will bring “Crouching Tiger, Hidden Dragon: The Green Legend,” to Netflix subscribers on Aug. 28, 2015. The film will also be shown on select IMAX screens.

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 statement cited by Variety. “We are honored to be working with Harvey Weinstein and a world-class team of creators to bring this epic story to people all over the world and to partner with IMAX, a brand that represents the highest quality of immersive entertainment, in the distribution of this film.”

“The moviegoing experience is evolving quickly and profoundly, and Netflix is unquestionably at the forefront of that movement,” TWC co-chairman Harvey Weinstein said, according to Entertainment Weekly. “We are tremendously excited to be continuing our great relationship with Netflix and bringing to fans all over the world the latest chapter in this amazing and intriguing story.”

Netflix has been expanding its original programming with shows such as "House of Cards," "Orange is the New Black" and the animated series "BoJack Horseman." Unlike network television, which releases one episode at a time, Netflix has been posting entire seasons at once, feeding the "binge-watching" trend.

Now the company appears to be taking aim at what's known as the windowing system, in which films are usually shown exclusively in theaters before being released for home viewing via DVD, Blu-ray, video on demand, etc.

“We fundamentally believe that the only way to attack the windowing system -- that is the centerpiece of the business model of the movie industry versus what consumers want -- requires an outsider,” Rich Greenfield, a media analyst with BTIG Research, told The New York Times. “Netflix already changed the TV business in a very, very significant way. The movie business is teed up next.”

Released in 2000, the original "Crouching Tiger" film was nominated for 10 Academy Awards, including Best Picture. It ultimately won four: Best Foreign Language Film, Best Art Direction, Best Original Score and Best Cinematography.

Actress Michelle Yeoh will reprise her role as Yu Shu Lien while Donnie Yen will join the cast as Silent Wolf, according to Variety. However, director Ang Lee will not be returning. Yuen Wo Ping, who choreographed the fight scenes in the first film, will direct the sequel.

The Verge reports that filming is currently under way in New Zealand.

"'Crouching Tiger, Hidden Dragon: The Green Legend' echoes the themes of the original movie, but tells its own story -- one of lost love, young love, a legendary sword and one last opportunity at redemption, set against breathtaking action in an epic martial arts battle between good and evil that will decide the fate of the Martial World," the press release states.

CORRECTION: An earlier version of this post misstated the title of "Crouching Tiger, Hidden Dragon: The Green Legend" as "Crouching Tiger, Hidden Dragon: The Green Destiny."

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