For a brief moment in time today, Netflix (NASDAQ:NFLX) shares traded above $100.

You have to go all the way back to April of last year to find the last time that the leading video service has traded in the triple digits.

It didn't stick this time, but it's a surprising achievement for a stock that many had left for dead after it crashed during the latter half of 2011.

This morning's uptick catalyst was a licensing agreement announced with Time Warner's (NYSE:TWX) Warner Bros. Television Group. The deal covers eight popular serialized dramas as well as potential future shows.

The streaming arrangement covers new shows including Revolution and Political Animals as well as retired cult faves including West Wing and Chuck.

True to many of Netflix's earlier deals, this doesn't cover first-run shows. Netflix has embraced the "rerun TV" moniker, nabbing deals that only cover earlier seasons of popular network shows.

It's cheap, and everybody wins. Netflix gets a ton of hours of extra content at attractive prices, and content creators can build audiences for their established shows.

The timing of the announcement matters. (NASDAQ:AMZN) -- Netflix's nearest rival in the booming market of streaming smorgasbords -- announced a deal on Friday for rights to several A&E, History, and Lifetime shows that Netflix let lapse back in September.

One can always argue that Netflix knows exactly what it let go last summer. It has the inside scoop on what folks are actually watching on its service, and it's better positioned than anyone else to decide what it's worth. However, the public merely sees it as instances of content lost and content found.

Last week it was a case of content lost for Netflix popping up elsewhere. Today it's all about content -- and a revisited round-share-price milestone -- found.

Longtime Fool contributor Rick Aristotle Munarriz owns shares of Netflix. The Motley Fool recommends and Netflix. The Motley Fool owns shares of and Netflix. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.