There have been rumors and speculation for months about a possible partnership between Netflix and one or both of the big console manufacturers, and today it was finally announced at Microsoft’s E3 press conference. The company unveiled a new partnership with online movie rental giant Netflix to bring instant movie watching to your TV with the Xbox 360.

The service will use Netflix’s "Watch Now" feature and integrate it into the console, and allow users to watch movies together remotely using Microsoft’s upcoming "Live Party" community features. No additional subscription cost was mentioned beyond Netflix’s regular subscription rates.

Credits: SYN Chandler XL, 1UP