Netflix announced today it has signed a deal with Paramount Pictures to bring the studio's content to its streaming service in Canada.

The five-year deal will deliver more than 350 movies to the service. Some of Paramount's more recent hits, including "Iron Man 2," will be available, as well as those dating back generations, like 1954's "Sabrina."

The deal with Paramount also includes "exclusive subscription television rights to all first-run films." That means Netflix will be able to stream Paramount's content before HBO, Showtime, and other subscription providers can.

Netflix's addition of Paramount content is a boon for Canadian customers. Since the launch of Netflix in Canada in September, the company has been adding more content providers as it tries to catch that service up to its streaming platform in the U.S. (Netflix's service in Canada is streaming only.) This partnership will go a long way in helping it achieve that goal.

Currently, some Paramount content is available to U.S. customers. However, to bring it to the service, Netflix had to sign a reported $1 billion deal last year with Epix, a joint venture among Paramount, MGM, and Lionsgate, for access to some of those studios' content. Currently, Epix is offering "Iron Man 2," "Shutter Island," and many other recent releases for streaming on Netflix.

The deal with Paramount follows a recent report from The Wall Street Journal, saying that Netflix was close to signing a five-year, $100 million deal with movie studio Miramax. If the deal is signed, Miramax could be bringing up to 700 movies to Netflix.

In a bid to further improve its offering, Netflix has also acquired its first original series, "House of Cards" starring Kevin Spacey. It has so far committed to 26 episodes of the show.

As Netflix adds more content, recent reports suggest it will lose some, as well.

Last week, CNET reported that Showtime is planning to remove its series, including "Californication" and "Dexter," from Netflix in a new deal following the companies' current arrangement, which expires over the summer. Showtime is owned by CBS, the parent company of CNET. For its part, Netflix told CNET that it was still in talks with Showtime, and it fully expects to "renew" its deal with the company.

It's a similar story from Starz. Last week, the network said that as of April 1, it will no longer allow its original series to stream on Netflix the day after they air on its channel. Going forward, the company said that Netflix customers will need to wait 90 days to stream its content on the service.