In a dramatic rebuke of the traditional theatrical release, Netflix and The Weinstein Co. have signed a deal to release the sequel to Ang Lee's Crouching Tiger, Hidden Dragon simultaneously on Netflix and in select Imax theaters around the world, according to The Hollywood Reporter.

Crouching Tiger, Hidden Dragon: The Green Legend will make its debut Aug. 28, 2015.

Netflix said Crouching Tiger 2 will be the first of several major films to be given a day-and-date release on Netflix and in some Imax theaters.

The company's chief content officer, Ted Sarandos, has long wanted to release movies day-and-date on Netflix and in theaters, something most exhibitors are unlikely to ever allow, meaning Crouching Tiger 2 may not play in Imax locations controlled by some of the major chains in the U.S. Indeed, Imax is making a bold move by partnering with Netflix.

Produced by TWC, Crouching Tiger, Hidden Dragon 2 is directed by Yuen Wo-Ping, also a martial arts master. Michelle Yeoh reprises her role as Yu Shu-Lien, and Donnie Yen returns as Silent Wolf.

“Imax has a terrific opportunity, via this partnership with Netflix, to release Crouching Tiger — a high-quality, action-packed film that is right in our wheelhouse — at the end of the summer blockbuster season,” said Greg Foster, senior vp of Imax Corp. and CEO of Imax Entertainment. He added that he is particularly hopeful it will play in China, where Netflix isn't available.

"In territories where we simultaneously release with Netflix, we are excited to offer consumers the option of deciding how, when and where they want to view the film, and exhibitors the opportunity to participate in this alternative form of content in a new and innovative way," Foster continued.

Crouching Tiger, Hidden Dragon was released in 2000 and went on to be nominated for best picture and win the best foreign language Oscar at the Academy Awards. It earned more than $213 million worldwide, including $128 million in the U.S.