• by David Goetzl  @dgoetzl, February 22, 2011

Netflix has inked a deal with CBS that allows it to stream some of the network's shows, although apparently none currently on the air. The list includes the recently canceled "Medium" and summer show "Flashpoint."

Under the two-year deal, there is also a slew of library content owned by CSB Corp. such as "Cheers," "Frasier" and the original "Hawaii Five-O." CBS has an option to re-up the deal for two more years.

Negotiations with Netflix to stream current CBS shows will continue. Netflix is content to acquire rights to previous seasons, saying that fits its business model as sort of a catch-up-on-a-rainy-day approach.

The company does stream back episodes of shows currently running on ABC, NBC and Fox.

"This deal recognizes the increasing value of our content in today's marketplace," stated Scott Koondel, who heads distribution for CBS's syndication unit.

Wells Fargo analyst Marci Ryvicker said the deal could worth hundreds of millions of dollars to CBS.

Meanwhile, Amazon said it would make 5,000 movies and TV shows available for instant streaming to members of its Amazon Prime service (which costs $79 a year) at no additional charge. The service marks an expansion for the service that allows free two-day shipping for Amazon purchases.