Netflix and DreamWorks secured a multi-year deal, with DreamWorks agreeing to produce over 300 hours of original programming for Netflix Inc., according to the LA Times.

DreamWorks Animation will use characters from hit animated feature films like "Shrek," "How To Train Your Dragon," "Kung Fu Panda," and "Madagascar" to develop shows for Netflix.

DreamWorks Animation will also use the Classic Media library characters as inspiration for the Netflix shows. The library was acquired by the animation company in 2012 and includes beloved characters like Mr. Peabody and Sherman, Lassie, Casper the Friendly Ghost, and Rocky and Bullwinkle.

The Netflix-DreamWorks shows will be commercial-free, according to the Associated Press.

This partnership marks the largest deal for original first-run content in Netflix history and the first time DreamWorks Animation's characters will be used in the TV market as a collection of shows.

Netflix will begin airing the DreamWorks animated series in 2014 to 36 million subscribers in 40 countries.

"This is an unprecedented commitment to original content in the Internet television space," said DreamWorks Animation Chief Executive Officer Jeffrey Katzenberg in a statement. "Netflix is a visionary company that continues to redefine the way audiences watch television and it is a thrill to add to their growing momentum."

This isn't the first deal between Netflix and DreamWorks Animation. Last February, they announced the first Netflix original series made for kids, "Turbo F.A.S.T.," which is based on the upcoming movie "Turbo," set to premiere on July 17, the Hollywood Reporter noted.

The animated series will pick up the tale of the film's protagonist, a fast snail. The series will become available in December in all Netflix territories.

"DreamWorks Animation is a valued partner in our global efforts to provide families the most engaging stories delivered however, whenever and wherever they want," Netflix Chief Content Officer Ted Sarandos said of the new partnership. "This deal represents a major expansion of what's already a phenomenal relationship, allowing us to bring beloved DreamWorks characters to the 40 countries where Netflix operates and setting the stage for us to innovate together as we expand into new markets."

The deal will not affect DreamWorks Animation shows currently airing on Netflix rivals Nickelodeon and Cartoon Network; they will continue to run.