Netflix and AMC Global Media have struck a five-year, $500 million global licensing agreement for The Walking Dead franchise, bringing 371 episodes across the original series and six spinoffs to Netflix in international territories while making the flagship show available on AMC+ for the first time.
The agreement marks a strategic shift for both companies, ending Netflix’s decade-long exclusive U.S. window for the zombie drama while constructing what executives describe as a unified global destination for the franchise beginning in 2027. Under the multi-year pact, Netflix will secure co-exclusive rights to the original series and its entire slate of offshoots across 371 total episodes, extending the show’s reach into new international markets including the U.K., Italy, Australia, and New Zealand.
Financial Stakes and Earnings Impact
AMC Global Media announced the massive transaction alongside its quarterly earnings report on Thursday, using the influx of capital to raise its full-year financial guidance despite reporting lower net revenues of $547 million—a 9 percent decline from the previous year. Operating income for the period stood at $16 million, with adjusted operating income reaching $46 million, down 75 percent and 58 percent respectively.
For Netflix, the $500 million expenditure ranks among the most expensive television licensing agreements in recent years surpassing comparative past transactions such as HBO Max’s $425 million deal for Friends in 2020. The investment reflects a calculated bet on library content with deep episode counts as industry observers note that the streaming giant rarely shares rights to major acquired properties, typically insisting on exclusive windows to drive engagement and retention.
Executive Perspectives on the Co-Exclusive Strategy
Talks regarding the future of the franchise had been underway for months, with AMC Global Media leadership signaling earlier in the year that they were weighing multiple distribution constructs. Company CEO Kristin Dolan noted during an earnings call in May that executives were actively evaluating very large and enthusiastic partners in the bidding process with an emphasis on securing co-exclusive terms that would retain digital access for their proprietary platform while maximizing licensing revenue.
HUGE NEWS! Walking Dead $500 MILLION Netflix & AMC+ Deal
“This deal creates a global destination for this universe — all shows, all episodes — making the franchise more accessible than ever to fans around the world. In addition, the co-exclusive agreement allows us to bring the original series to AMC+ for the first time early next year.”
On the buying side, Netflix executives emphasized the enduring appeal of a property that has maintained a steady audience since its initial broadcast debut on October 31, 2010. The original survival drama ran for 11 seasons, eventually expanding into a vast television universe encompassing multiple narrative branches produced by AMC Studios.
“Audiences have discovered and loved The Walking Dead on Netflix for nearly 15 years and the show continues to attract new fans. We’re excited to partner with AMC Global Media to continue to expand that access to more audiences around the world and bring the entirety of The Walking Dead Universe to Netflix.”
Lori Conkling, Vice President of Licensing at Netflix
Rollout Timeline and Territory Expansion
The transition to the new co-exclusive arrangement will not happen overnight. Because existing licensing agreements vary by region, the rollout of the 371 episodes will stagger across different geographic territories as current contracts expire through the course of next year.
With production underway on final arcs—including the final season of Daryl Dixon slated to premiere in 2027 alongside the streaming expansion—the five-year pact secures the long-term digital footprint of one of cable television’s most commercially successful intellectual properties.
