Netflix on Tuesday announced a content deal with Epix that will add feature films from Paramount, Lionsgate, and MGM to the company's streaming lineup starting Sept. 1.

Epix, which launched in October 2009, is a subscription-based service that provides access to library of 15,000 movies via its cable channel, video on-demand service, and on its Web site.

Epix has the pay TV rights to new releases and movies from its partners, and will make these films available to Netflix 90 days after they debut on premium TV channels and on-demand. Netflix subscribers will have access to the movies via the company's "Watch Instantly" streaming feature.

Terms of the deal were not released, but the Los Angeles Times said that the five-year deal could be worth up to $1 billion.

"Adding Epix to our growing library of streaming content, as the exclusive Internet-only distributor of this great content, marks the continued emergence of Netflix as a leader in entertainment delivered over the Web," Ted Sarandos, chief content officer for Netflix, said in a statement.

"Netflix is an incredibly popular service and we welcome them as our newest distribution partner," said Mark Greenberg, president of EPIX. "We are pleased to be able to continue our mission of bringing consumers the movies where they want to watch them, while satisfying the differing needs of cable, telco and satellite operators."

The companies said the deal will help boost Netflix's streaming library. Netflix has said that its business will eventually evolve to focus more on streaming than physical DVDs.

Last month, Netflix inked a similar licensing deal with Relativity Media. Relativity has traditionally licensed its content to pay TV channels like HBO, Showtime, and Starz, but will provide certain content exclusively to Netflix starting in early 2011.

Earlier this week, it was revealed that Netflix is looking to hire Android developers for possible streaming on Android-based devices.