Degrassi lives on!

Netflix announced Tuesday that the long-running Canadian teen drama, which was canceled by TeenNick last week after 14 seasons, will be joining the online streaming service. Netflix and Canada's Family Channel will air 20 new episodes of "Degrassi" starting in 2016, Entertainment Weekly reported.

The show is also getting a new name - "Degrassi: Next Class."

Netflix made the announcement on Twitter, sharing a photo of two hands passing a note reading "Degrassi on Netflix," writing, "Degrassi graduates to Netflix. Meet the Next Class, coming in 2016."

"For more than three decades, this groundbreaking show has been reaching teens with important stories and starting in 2016 our members around the world will be able to enjoy and discover the newest chapter of this great show," Netflix VP of Global Content Erik Barmack said in an emailed statement.

Degrassi co-creator Linda Schuyler also released a statement to Entertainment Weekly. 

"We are energized and excited to work with Family Channel as we tell stories for the new post-millennial teen cohort known as Generation Z, most of whom weren't even born when Degrassi returned in 2001," Schuyler said.

Many of the cast members are expected to return to the series, including, Reiya Downs, Ana Golja, Nikki Gould, Ricardo Hoyos, Ehren Kassam, Amanda Arcuri, Andre Kim, Lyle Lettau, Spencer Macpherson, Eric Osborne, Olivia Scriven, Sara Waisglass and Richard Walters.

The current show will conclude with a two-week finale event, starting with an hour-long special July 20, with new episodes each day of the week, ending on July 31 with the final episode.

Since airing in 1979, the series has been on the air in numerous variations for the past 35 years, from "The Kids on Degrassi Street" to "Degrassi High," and "Degrassi: The Next Generation." "The Next Generation" helped to launch the careers of Drake, Nina Dobrev of "The Vampire Diaries," "90210" star Shenae Grimes and Cassie Steele from "The L.A. Complex." 

Last week, TeenNick announced that it had pulled the plug on "Degrassi: The Next Generation" - leaving fans disappointed and upset that this season would be its last.

Are you happy to have "Degrassi" back? Let us know in the comments section below!