Netflix strikes $500M global licensing deal for 'The Walking Dead'

Netflix is doubling down on one of television’s biggest franchises. AMC Global Media announced Thursday a multi-year global licensing agreement that gives Netflix co-exclusive rights to the original “The Walking Dead” series and all six of its spin-offs — 371 episodes in total — in a deal reported to be worth $500 million.

Netflix has been the exclusive U.S. streaming home of “The Walking Dead” since 2011, helping introduce the survival drama to millions of viewers. The new agreement extends its availability to additional markets, including the U.K., Italy, Australia, and New Zealand. Notably, Netflix will not hold exclusive rights this time: it will share streaming access with AMC+, ending Netflix’s more than decade-long exclusive hold on the series.

The reported $500 million price tag ranks among the most expensive television licensing deals in recent years — for comparison, HBO Max paid $425 million in 2020 to bring “Friends” over from Netflix. The move comes as data suggests many Netflix subscribers don’t stick around for second seasons of newer shows, making established franchises with hundreds of episodes a safer bet for driving binge-watching and overall viewing hours. Beginning in 2027, Netflix subscribers worldwide will also gain access to the franchise’s full slate of spin-offs, including “Fear the Walking Dead,” “World Beyond Tales of the Walking Dead,” “Dead City,” “Daryl Dixon,” and “The Ones Who Live.” The agreement arrives as “Dead City” returns for its third season, while fans await the final season of “Daryl Dixon,” scheduled to premiere in 2027.

“The Walking Dead” joins a growing list of established shows Netflix has pursued to drive engagement: the company has spent billions securing streaming rights to series such as “The Office,” and earlier this year struck a deal to stream “Sesame Street.” The announcement also boosted AMC Networks’ financial outlook — the company unveiled the Netflix agreement alongside its quarterly earnings report on Thursday and used the deal to raise its forward guidance.

Why it matters

The deal shows streaming platforms leaning on proven, high-volume franchises to keep subscribers watching, at a moment when audience data suggests newer originals struggle to hold viewers past a first season.