The deal with Paramount Studios includes Armageddon, Stanley Kubrick's last movie Eyes Wide Shut, which stars the now-divorced husband and wife team Nicole Kidman and Tom Cruise, and John Travolta's The General's Daughter.
Some classic films such Chinatown, Ghost and Fatal Attraction are also part of the package.
Jeff Ford, Channel 5 director of acquisitions, said: "We take great pride in being the leading terrestrial broadcaster when it comes to movies."
He added: "Saving Private Ryan is a very important addition to our strong line up for 2002 and gives more power to our elbow at a time when our ratings are at an all time high."
Channel 5 has recently seen its audience share increase to 6.2% rising from 5.5%. The rise followed a £6m cash injection for new programming from shareholders RTL and United Business Media in April.
More recently it received another £3m boost to its budget, while popular newsreader Kirsty Young has returned to the station after defecting to ITV.
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