Sony just announced the ability to download and watch television shows and movies via the PlayStation store. Hit the jump for details.

Jack Tretton announced partnerships with big name studios like Sony Pictures, Fox Film & Televisions, Lionsgate, MGM, Disney, Paramount, Warner Bros and Walt Disney Studios. The service will launch with almost 300 feature films and 1,200 televisions shows, many of which will be available in both SD and HD formats. Among the titles at launch will be Jumper, 3:10 to Yuma, and Cloverfield.

Television shows will cost $1.99 per episode. Movie rentals will range from $2.99 to $5.99 and purchases will range from $9.99 to $14.99. Customers who rent movies will have 14 days to start watching them. Once playback is started, they have 24 hours until their rental expires.

The service will be fully integrated into PSN, as outlined by the paragraph below:

The video delivery service will have full integration in the PLAYSTATION Network, utilizing the same login, wallet management, and user interface of the newly revamped PLAYSTATION Store. Video will be categorized, for example, by top rating, alphabetical order, television shows, and movies and content is also fully searchable, for example, by title, producer, studio and cast. In addition, PS3’s progressive downloading means users can view content shortly after the downloading process begins. Background downloading is also a feature of PS3, allowing users to access other platform features such as gaming and other XMB(TM) (XrossMediaBar) content while a video is downloading to their consoles.

Another big feature of the service is the ability to transfer your media to your PSP.

One of the biggest value propositions of PLAYSTATION Network’s video delivery service is the ability to transfer digital content onto the PSP from the PS3.

For the initial electronic sell-through or rental price, consumers can also transfer content onto multiple devices. The connectivity between PS3 and PSP platforms provides a seamless solution for those looking for entertainment experiences on their own terms — on the go or in their living room — all with a new-found freedom of not having to worry about TV schedules, movie listings or viewing on a desktop PC.

The service will launch in the US tonight, July 15th.