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Netflix is getting Seinfeld, one of the most popular TV shows of all time. But subscribers will have to wait until 2021 when the video streaming service's deal kicks in.

The timing of today's announcement from Netflix may seem premature since, "Seinfeld" won't be available for more than 15 months, but it's a high-profile get for the leading streaming platform after losing bidding wars for other iconic sitcoms. Netflix is losing Friends to HBO Max in 2020 (WarnerMedia paid $425 million for the rights) and The Office to NBCUniversal's forthcoming streaming app.

So far, Netflix hasn't said how much it paid for Seinfeld. But according to The Los Angeles Times, the price tag exceeds the $500 million NBCUniversal paid for The Office. All three of the deals are for five-year rights periods. Hulu paid a reported $160-$180 million for five years of US Seinfeld rights in 2015, which in retrospect seems like a bargain.

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The deal arrives as Netflix has been spending billions on creating its own original content, including TV shows and movies, to battle incoming rivals, which will include streaming services from Disney and Apple. In its Q2 earnings, Netflix for the first time reported losing US subscribers following a price hike that raised the standard plan from $11 to $13 per month.

Despite the push for original content, Netflix has also been spending a fortune to essentially stream reruns of classic TV shows. Back in December, the company reportedly paid $100 million to renew licensing for Friends until the end of this year when it goes to HBO Max.

A big question is whether Seinfeld will be able to command the same viewership as The Office does. If you're a Netflix subscriber and can't wait until 2021, Seinfeld is currently available for streaming on Hulu, which is now owned by Disney and will soon be part of a larger bundle with Disney+ and ESPN+.