HBO and "Sesame Street" agreed to a deal that would have HBO air the longtime children's show for the next five seasons, allowing the show's producers to share the series on PBS.  

"I've long admired the creative work of HBO and can't think of a better partner to continue the quality of 'Sesame Street," co-creator Joan Ganz Cooney said in statement from the Sesame Workshop, which produces "Sesame Street."

"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."  

HBO CEO and chairman Richard Plepler said in the statement the move will be a huge boost to HBO and "Sesame Street."

"Absolutely thrilled to help secure the future of 'Sesame Street' and Sesame Workshop's mission," he said. "'Sesame Street' is the most important preschool education program in the history of television. We are delighted to be a home for this extraordinary show and helping it expand and build its franchise." 

Sesame Workshop CEO Jeffrey D. Dunn on the move to HBO: "Our new partnership with HBO represents a true winning public-private partnership model."

"It provides Sesame Workshop with the critical funding it needs to be able to continue production of Sesame Street and secure its nonprofit mission of helping kids grow smarter, stronger and kinder; it gives HBO exclusive pay cable and SVOD access to the nation's most important and historic educational programming; and it allows Sesame Street  to continue to air on PBS and reach all children, as it has for the past 45 years." said Dunn. 

For those who are wondering, "Sesame Street" will still air on PBS despite its move to HBO, which is allowing the public-funded network to show the series nine months after airing on HBO. PBS started airing episodes of the show in 1969. The new episodes will be airing in the Fall of 2015. 

The joint enterprise also announced a "Sesame Street Muppet" spinoff and a new original educational series for children. 

In addition to "Sesame Street," past episodes like "Pinky Dinky Doo" and the "Electric Company" will also be aired on HBO.   

HBO also announced the episodes will also be available on its standalone app, HBO Go.