Netflix and AMC Strike $500M Walking Dead Deal

The zombie apocalypse that reshaped cable television is finding a sprawling new digital home. AMC Global Media and Netflix have inked a sweeping multi-year agreement valued at $500 million that locks down streaming rights for the entire franchise through a co-exclusive model. While Netflix has served as the exclusive US streaming home for the original survival drama since 2011, the new pact broadens the scope significantly, expanding availability into major new international territories and bringing spin-offs to the streamer on a global scale.

What the $500 Million Licensing Deal Includes for Netflix and AMC+

The massive financial commitment covers an astonishing 371 episodes spanning the mothership series and its entire roster of derivative shows. Under the terms of the agreement, the package includes the original 371 episodes of television across Fear the Walking Dead, The Walking Dead: Daryl Dixon, The Walking Dead: Dead City, The Walking Dead: The Ones Who Live, The Walking Dead: World Beyond, and Tales of The Walking Dead.

For AMC, the partnership represents a critical revenue driver.

The structure marks a notable departure for Netflix, which typically structures its major content acquisitions to secure exclusive rights. Industry observers note that sharing rights with AMC+ is an unusual move for the streaming giant, but viewer data and robust engagement metrics ultimately justified the investment.

Global Expansion and International Territory Rollouts

Beyond securing the franchise’s long-term future in the US—where the streaming expiration date has been pushed from January 2027 all the way through 2032—the deal opens up entirely new geographic regions. Netflix will extend the show’s availability to major international markets including the U.K., Italy, Australia, and New Zealand. Existing regional licenses will govern the exact rollout timetable, meaning individual series will debut in different territories as current agreements expire.

Meanwhile, the co-exclusive nature of the arrangement carves out new territory for AMC’s own platforms. AMC+ will stream the original series for the first time ever starting early next year, offering subscribers a direct avenue to the flagship program alongside its presence on Netflix.

“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.”

Kristin Dolan, CEO of AMC Global Media

Financial Context and Quarterly Earnings at AMC Global Media

The blockbuster streaming pact was revealed alongside AMC Global Media’s second-quarter earnings report. The company reported net revenues of $547 million, marking a 9 percent decline from the previous year. Operating income landed at $16 million, while adjusted operating income reached $46 million—down 75 percent and 58 percent, respectively.

Despite those figures falling short of Wall Street forecasts, AMC raised its full-year guidance, buoyed heavily by the lucrative Netflix agreement and supplementary distribution pacts with major platforms like YouTube and Comcast. Streaming now accounts for more than a third of the company’s domestic revenue, with gains across AMC+ and niche platforms such as Acorn TV and Shudder helping offset linear television headwinds.

The Viewing Data Driving Netflix’s Investment

Netflix executives emphasized the enduring appeal of the intellectual property as a primary driver behind the massive outlay.

“Audiences have discovered and loved The Walking Dead on Netflix for nearly 15 years and the show continues to attract new fans.”

Lori Conkling, Vice President of Licensing at Netflix

That sustained viewership mirrors the platform’s strategy with other heavy-hitting library acquisitions like Friends and The Office. With Netflix crossing 250 million monthly users on its ad-supported tier and maintaining industry-low customer churn, the sprawling zombie franchise is positioned to anchor audience engagement well into the next decade.