Netflix has signed a five-year, $500 million co-exclusive deal with AMC Global Media to bring the entire Walking Dead Universe, all seven shows and 371 episodes, to international markets starting in 2027. It’s one of the priciest TV licensing deals in recent years, and it ends Netflix’s decade-plus US exclusivity by letting AMC+ carry the flagship series too.

Key Takeaways

• Netflix signed a $500 million, five-year Walking Dead deal
• It covers the original series and all six spin-offs, 371 episodes
• The deal is co-exclusive, shared with AMC+ worldwide
• New markets include the UK, Italy, Australia, and New Zealand
• The franchise arrives across territories starting in 2027

What the Deal Covers

The agreement is sweeping. AMC Global Media announced Thursday it reached a multi-year global licensing deal with Netflix giving the streamer co-exclusive rights to the original Walking Dead and all six spin-offs, covering 371 episodes across the entire franchise.

The full universe is included. The deal spans 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, alongside the original series.

The terms are substantial. Reporting values the pact at $500 million over five years, with licenses for each series beginning on different dates in different territories as existing streaming agreements expire, rolling out over the course of 2027.

What Changes

Netflix’s reach expands abroad. Netflix has been the exclusive US streaming home of The Walking Dead since 2011, and the new deal extends its availability to markets including the UK, Italy, Australia, and New Zealand, among others.

But exclusivity is ending. The deal is co-exclusive, meaning Netflix will share streaming access with AMC+, ending Netflix’s more than decade-long exclusive hold on the flagship series.

AMC+ gains a marquee title. The arrangement allows AMC+ to stream the original series for the first time ever, starting early next year, a notable win for AMC’s own platform as it builds out its streaming library.

Why AMC Made the Deal

The timing was strategic. AMC unveiled the Netflix agreement alongside its quarterly earnings report on Thursday, using the deal to raise its forward financial guidance and boost its outlook.

The franchise is a crown jewel. As cable viewership declines, the streaming rights to The Walking Dead have remained one of AMC’s most valuable assets, making a lucrative global deal an attractive way to monetize the IP.

Both sides framed it as a win. AMC Global Media CEO Kristin Dolan called it a fantastic result for the companies and fans, saying it creates a global destination for the universe, while Netflix’s licensing VP Lori Conkling noted audiences have loved the show on Netflix for nearly 15 years.

Netflix’s Licensing Playbook

The deal fits a clear pattern. The Walking Dead joins a growing list of popular shows Netflix has pursued to drive engagement, having spent billions over the years securing rights to series like “The Office.”

Recent acquisitions show the strategy. Earlier this year, Netflix reached a deal to stream “Sesame Street,” part of a broader push to lock in beloved, high-engagement catalog titles rather than relying solely on originals.

The logic is retention. Proven franchises with devoted fan bases keep subscribers watching and paying, and a zombie universe with 15 years of loyal viewers is exactly the kind of durable, bingeable IP that fuels engagement.

Why It Matters

The price tag signals how valuable catalog IP has become. At $500 million, this ranks among the most expensive TV licensing deals in recent years, underscoring that in the streaming wars, owning access to established hits is worth enormous sums.

The co-exclusive structure is telling. Rather than a winner-take-all exclusive, the shared arrangement reflects a maturing market where rights holders like AMC can extract more value by licensing to multiple platforms at once.

For fans, it means wider access. Consolidating the entire Walking Dead universe onto Netflix and AMC+ globally makes the franchise more accessible than ever, and for Netflix, it’s another proven engine of the engagement that keeps its subscriber base intact.

Digital Trendings is your trusted source for AI news and updates, stay tuned for more.