Netflix Revives Old TV Shows by Direct Streaming

By Jeanine Poggi

Stock quotes in this article: NFLX

NEW YORK (TheStreet) -- Netflix (NFLX_) could get into a new business: reviving cancelled television shows.

The movie rental giant officially announced it will bring back Arrested Development, bringing new hope to dozens of cancelled cult classics. Netflix struck an exclusive deal to stream new episodes of the comedy in 2013.

"For the first time in their histories, Twentieth Century Fox Television and Imagine Television will produce original first-run entertainment content for the world's leading internet subscription service, bringing back the acclaimed series to production on all new episodes five years after its cancellation," according to Netflix's press release.

These new episodes are expected to serve as a segue way into an Arrested Development feature film.

Netflix did not reveal which cast members -- Jason Bateman, Will Arnett, Portia de Rossi, Michael Cera and Jeffrey Tambor -- will return to the series. But Bateman Tweeted: "Netflix is gassing up the staircar! I don't think I've ever been happier to wear a pair of khakis."

Arrested Development originally aired on Fox, and while it didn't live up to ratings expectations, the series garnered a cult following during its three seasons.

Netflix is also rumored to resuscitate Comedy Central favorite Reno 911!, but there's been no update on plans moving forward.

>You Said It: TV Shows You Want Netflix To Bring Back

Netflix has been aggressively focused on acquiring television content, recently striking deals for new episodes of The Office and 30 Rock from NBC, and securing exclusive rights to the AMC series Walking Dead. The company is also developing an original series, House of Cards, staring Kevin Spacey.

Of course, it's not easy for Netflix to revive a cancelled show. There are more than several hurdles in securing the rights and talent necessary to recreate a cult classic. But if Netflix is successful with Arrested Development, reviving cancelled shows could be an excellent way for the company to woo back the subscribers it lost following its price hike and Qwikster flip-flop.

Given this, here's a look at cancelled, but beloved, shows that Netflix should consider giving a second chance.