"Crouching Tiger" sequel coming to theaters and Netflix next summer

Next summer will bring the sequel to a martial-arts favorite, and also a milestone in movie history.

The Weinstein Company and Netflix are teaming up for the release of "Crouching Tiger, Hidden Dragon II: The Green Legend." It's the first time a movie will be released in theaters and a streaming platform simultaneously.

"The Green Legend" will star Michelle Yeoh reprising her role from the first movie as Yu Shu-Lien, along with Donnie Yen from the "Ip Man" films. Woo-Ping Yuen, fight coordinator of "Kill Bill Vol. II," will be directing.

"It's really just shaking up this whole idea that there needs to be a three month window between something coming out in the theater and then being watched at home," said Vanity Fair's digital director Michael Hogan.

Hogan says that while theaters may not be especially excited about the joint release, such advancement is inevitable.

"I think it will hurt the traditional business for the theaters and make them have to be much more creative to compete, which is why they don't want this," Hogan said. "...It feels like the thing that eventually has to happen."

The original film, "Crouching Tiger Hidden Dragon," generated $213 million at the box office worldwide, including $128 million in the U.S. It won four Oscars, including the award for best foreign language film.

Its sequel will be released into IMAX -- and laptops everywhere -- Aug. 29, 2015.