'Crouching Tiger, Hidden Dragon' sequel will debut on Netflix and IMAX

The new movie will be Netflix's first feature film. The sequel is being directed by martial arts choreographer Yuen Wo-Ping and will reportedly debut in August 2015.

Netflix Inc said it is jointly producing the sequel to the Oscar-winning movie "Crouching Tiger, Hidden Dragon" with Weinstein Co, marking its entry into feature film production.

"Crouching Tiger, Hidden Dragon: The Green Legend" will release exclusively on the online video service and in select global IMAX theaters next August, Netflix said.

 “Fans will have unprecedented choice in how they enjoy an amazing and memorable film that combines intense action and incredible beauty,” Netflix Chief Content Officer Ted Sarandos said in a statement, according to Deadline. “We are honored to be working with Harvey Weinstein and a world-class team of creators to bring this epic story to people all over the world and to partner with IMAX, a brand that represents the highest quality of immersive entertainment, in the distribution of this film.”

Meanwhile, according to Deadline, Weinstein said in a statement, “The moviegoing experience is evolving quickly and profoundly, and Netflix is unquestionably at the forefront of that movement. We are tremendously excited to be continuing our great relationship with Netflix and bringing to fans all over the world the latest chapter in this amazing and intriguing story.”

The film is a sequel to Ang Lee's martial arts epic released in 2000 and is directed by martial arts choreographer Yuen Wo-Ping, who was also behind the 2010 movie "True Legend," among other work.

The first movie did well at the box office and was critically acclaimed – it earned more than $213 million worldwide, according to the website Box Office Mojo, and currently holds a score of 93 out of 100 on the review aggregator website Metacritic. The film was nominated for various Oscars, including Best Picture, and won several, including Best Cinematography and Best Foreign Language Film.

Monitor film critic David Sterritt wrote of the movie, “[It’s] an extravagant fable that uses action and violence to explore themes of bravery, honesty, loyalty, and the tensions between romance and reality in human affairs… [the movie] isn't as engrossing as [Lee’s] very best films… [but] this blend of intelligence and action may be the film's most impressive trait.”