Looks like Disney+ has some major competition coming up soon.

Exactly one day after Disney launched their new streaming service, Disney+, Netflix announced that it would be signing a deal with Nickelodeon to produce new movies and television shows based on old and new characters from the kids’ network.

The partnership is worth more than $200 million, and one of the proposed shows will be a music-based spin-off of “Spongebob Squarepants” centered around popular character Squidward. Netflix will also air specials based on “The Loud House” and “Rise of the Teenage Mutant Ninja Turtles.”

Although many people have had their eyes glued to Disney+ since its launch, their heads are now turning at this turn of events. It makes sense, as Nickelodeon also has some of the most iconic shows millennials grew up with, and they just can’t seem to get enough.

Netflix and Nickelodeon have previously worked together on Rocko’s Modern Life: Static Cling” and “Invader Zim: Enter the Florpus.” “Spongebob Squarepants” and “Dora the Explorer” were also on Netflix until 2013 before Amazon Prime acquired the rights to stream those shows.

In other news, Viacom is nearly set to close their merger with CBS before the year ends, which would allow for CBS All Access to become the home for popular shows like “Spongebob Squarepants,” “Blue’s Clues” and “The Casagrandes.”