Sesame Workshop has inked a five-year deal to premiere new episodes of Sesame Streeton HBO, the companies announced Thursday.

The next five seasons of the long-running children's program will be available on HBO and all of its on-demand and mobile platforms, and will be available to PBS after nine months. In addition, HBO has acquired rights to more than 150 archived episodes of Sesame Street, as well as 50 archived episodes of Pinky Dinky Doo and The Electric Company.

As part of the deal, Sesame Workshop is also developing a Muppet spin-off series, as well as a new educational program for HBO.

How Sesame Street changed the world, from A to Z

"Sesame Street is the most important preschool education program in the history of television," HBO Chairman and CEO, Richard Plepler, and President Michael Lombardo said in a joint statement. "We are delighted to be a home for this extraordinary show, helping Sesame Street expand and build its franchise."

Added Joan Ganz Cooney, co-founder of Sesame Street: "I've long admired the creative work of HBO and can't think of a better partner to continue the quality of Sesame Street's programming. Over the past decade, both the way in which children are consuming video and the economics of the children's television production business have changed dramatically. In order to fund our nonprofit mission with a sustainable business model, Sesame Workshop must recognize these changes and adapt to the times."

New episodes of Sesame Street and the two new shows are expected to begin airing on HBO in late fall.

What do you think of Sesame Street's move to HBO? And this means there'll be more Game of Chairs, yes?