The streaming service and animation studio already had a programming deal in place with Dreamworks for Turbo: F.A.S.T., a TV spin-off from upcoming DreamWorks animated movie Turbo (pictured).
The new deal will see the partners make TV series based on new and classic DreamWorks characters and movie titles. The first fruits of the partnership will be delivered next year, the companies said, without specifying what the first shows might be.
DreamWorks movie titles include Shrek, Madagascar, Kung Fu Panda and How to Train Your Dragon franchises and it has also acquired Classic Media, which owns Mr Magoo, Casper the Friendly Ghost and several other classic titles.
DreamWorks is moving heavily into TV and on Netflix, its characters will be introduced as a branded collection of shows.
“This is an unprecedented commitment to original content in the internet television space,” said DreamWorks Animation CEO Jeffrey Katzenberg.
Netflix Chief Content Officer Ted Sarandos said: “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.”