Netflix Walking Dead deal brings AMC franchise to global markets
AMC Global Media says Netflix will stream The Walking Dead Universe globally under a multi-year co-exclusive licensing deal.
By Theo Nakamura · Staff Writer
· 3 min read
Netflix has signed a new Netflix Walking Dead deal that will put AMC’s zombie franchise in front of more subscribers outside the U.S. For investors watching streaming, the agreement shows Netflix is still willing to pay for proven TV libraries that can keep viewers watching for long stretches.
AMC Global Media announced Thursday that it reached a multi-year global licensing agreement with Netflix covering the original “The Walking Dead” and all six spin-off series. Variety reported the agreement is worth $500 million.
The package covers 371 episodes across The Walking Dead Universe, according to AMC Global Media. A licensing agreement means Netflix is paying for streaming rights to someone else’s shows, rather than buying the franchise or producing the programming itself.
What is the Netflix Walking Dead deal?
The deal gives Netflix co-exclusive streaming rights to “The Walking Dead” franchise around the world, according to AMC Global Media. Co-exclusive means Netflix will share access with AMC+, so subscribers to both services can watch the shows.
That shared-rights structure marks a shift in the U.S. Netflix has been the exclusive U.S. streaming home for “The Walking Dead” since 2011, according to TechCrunch, but the new arrangement ends that solo hold while expanding the franchise’s reach into additional markets.
AMC Global Media said the expanded availability includes countries such as the U.K., Italy, Australia and New Zealand. Beginning in 2027, Netflix subscribers globally will also get access to the franchise’s spin-offs: “Fear the Walking Dead,” “World Beyond,” “Tales of the Walking Dead,” “Dead City,” “Daryl Dixon” and “The Ones Who Live.”
Why Netflix wants a long-running TV library
For Netflix, a franchise with hundreds of episodes can help fill a practical need: keeping subscribers engaged between new original releases. TechCrunch reported that recent data suggests many Netflix users do not continue into second seasons of newer shows, which makes large, familiar catalogs useful for viewing hours.
The reported $500 million price also puts the agreement among the larger TV licensing deals of recent years. TechCrunch cited HBO Max’s $425 million deal for “Friends” in 2020 as a comparison point.
Netflix has used major outside shows as part of its content strategy before. TechCrunch noted that the company has spent billions on streaming rights for series including “The Office,” and CBS News reported earlier this year that Netflix reached a deal to stream “Sesame Street.”
What it means for AMC Networks
AMC Networks announced the Netflix agreement alongside its quarterly earnings report Thursday. TechCrunch reported that the company used the deal to raise its forward guidance, meaning management increased its expectations for future performance.
The timing also lines up with activity inside the franchise itself. “Dead City” has returned for a third season, while the final season of “Daryl Dixon” is scheduled to premiere in 2027, according to TechCrunch.
For viewers, the practical change is straightforward: more of The Walking Dead Universe is headed to Netflix in more countries, while AMC+ keeps access too. For investors, the deal is another reminder that streaming competition is not only about new hits. Older franchises with deep episode counts can still command big checks.
This story draws on original reporting from TechCrunch.
