It’s a big day for subscribers to Netflix’s streaming video service, as the company has announced a massive new deal.

In a press release sent out today, Netflix Inc. and The Walt Disney Company have announced that they have reached an exclusive deal that will bring Disney’s massive library of live-action and animated feature films to the streaming service.

Continue reading for more and to check out the full press release.

Starting in 2016, Disney and all its new theatrical releases, including Pixar and Marvel films, will be made available on Netflix in the pay TV window. Direct-to-DVD titles from Disney will also be made available starting in 2013.

In addition to the first-run pay TV window deal starting in 2016, the two parties also reached a multi-year catalog deal that will see many of Disney’s titles, including Dumbo, Pocahontas, and Alice in Wonderland, being made available.

After the news first broke via Deadline, Netflix stocks have jumped 14%.

Press Release

Beverly Hills, Ca. and Burbank, Ca. –December 4, 2012—Netflix Inc. (Nasdaq:NFLX) and The Walt Disney Company (NYSE:DIS) today announced a new multi-year licensing agreement that will make Netflix the exclusive U.S. subscription television service for first-run live-action and animated feature films from The Walt Disney Studios.

Beginning with its 2016 theatrically released feature films, new Disney, Walt Disney Animation Studios, Pixar Animation Studios, Marvel Studios and Disneynature titles will be made available for Netflix members to watch instantly in the pay TV window on multiple platforms, including television, tablets, computers and mobile phones. Also included in the agreement are high-profile Disney direct-to-video new releases, which will be made available on Netflix starting in 2013.

Separately, Disney and Netflix have reached agreement on a multi-year catalog deal that today brings to U.S. Netflix members such beloved Disney movies such as “Dumbo,” “Pocahontas” and “Alice in Wonderland.”

“Disney and Netflix have shared a long and mutually beneficial relationship and this deal will bring to our subscribers, in the first pay TV window, some of the highest-quality, most imaginative family films being made today,” said Ted Sarandos, Chief Content Officer at Netflix. “It’s a bold leap forward for Internet television and we are incredibly pleased and proud this iconic family brand is teaming with Netflix to make it happen.”

“With this cutting-edge agreement, we are thrilled to take our highly valued relationship with Netflix to the next level by adding Disney’s premier films to their programming line-up,” said Janice Marinelli, President, Disney-ABC Domestic Television. “Netflix continues to meet the demands of its subscribers in today’s rapidly evolving digital landscape, and we are delighted that they will have much earlier access to our top-quality and entertaining slate,” she continued.

Financial terms of the agreement were not disclosed.